Font Size

- Aa +

Thu 4 Oct 2018 08:28 AM

Font Size

- Aa +

Abu Dhabi-backed LeasePlan intends to seek IPO valuation of up to $8.7bn

The Amsterdam-based company is poised to kick off its IPO plans with a tour to meet institutional investors starting this week

Abu Dhabi-backed LeasePlan intends to seek IPO valuation of up to $8.7bn
LeasePlan, which has about 1.8 million vehicles under management in more than 30 countries, resells used cars in Europe through its CarNext.com business and also operates an online savings bank in the Netherlands and in Germany.

LeasePlan Corp, Europe’s largest operator of vehicle fleets, plans to seek a valuation of as much as 7.5 billion euros ($8.7 billion) through an initial public offering in Amsterdam, according to a person familiar with the matter.

The terms of the offering may be announced in coming days, though no final decision has been made and LeasePlan’s owners may yet decide to delay or cancel the IPO, the person said, asking not to be identified as the deliberations are confidential. The valuation isn’t final and may change depending on investor feedback, the person said.

A representative for LeasePlan declined to comment. The Amsterdam-based company is poised to kick off its IPO plans with a tour to meet institutional investors starting this week, the FD newspaper reported on Wednesday, citing people it didn’t identify.

“LeasePlan continues to explore various strategic alternatives, including an initial public offering,” the company said in August. The firm’s liquidity and capital position “remain strong,” it said at that time.

LeasePlan, which has about 1.8 million vehicles under management in more than 30 countries, resells used cars in Europe through its CarNext.com business and also operates an online savings bank in the Netherlands and in Germany.

The firm’s owners include Abu Dhabi Investment Authority, Denmark’s ATP pension fund, Singapore’s GIC Pte and Broad Street Investments, Dutch pensions service provider PGGM and private equity firm TDR Capital, according to its 2017 annual report.

For all the latest transport news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.