Car rental firm Europcar is selling €854 million in shares in an initial public offering in Paris, the company said in a statement.
The French company said it will gain €475 million in proceeds from the sale and will use it to repay debt and to fund growth to match the rise of the car-sharing industry.
The IPO comes as Europcar has completed its first part of its ‘Fast Lane’ transformation programme, launched three years ago.
Philippe Germond, chairman of the Europcar management board, said the IPO “marks a major milestone” in its growth strategy.
“As Europe’s leading car rental company, we are ideally poised to benefit from new consumer trends, especially in terms of mobility and shared solutions,” said Germond.
“We see many new opportunities on the horizon; the IPO will let us take advantage of those opportunities, leveraging our strengths to pursue our Fast Lane transformation plan and bolster our business development. We aim to become our customer’s preferred partner for mobility services.”
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