Private equity group Triton is set to receive €400.6m from the IPO of metals recycling company Befesa with pricing coming at the bottom of guidance.
Investors were guided to €28 per share ahead of books closing at 1pm, London time. Original guidance for the Frankfurt float of €28-€38 was narrowed to €28-€30 this morning.
Triton is providing the 14.3m shares in the base deal, and could see its proceeds increase to €460.7m if the 2.146m share greenshoe is exercised.
Allocations and a trading debut are due tomorrow.
The Ratingen-based group collects hazardous dust created at steel mills and extracts the zinc, which it sells to companies such as Glencore. Triton bought the company from Abengoa in 2013 for €1.1bn including debt.
Befesa has a market share of 45%–50% for steel dust and aluminium salt slags recycling services in its European core market.
Citigroup, JP Morgan and Goldman Sachs are joint global coordinators and joint bookrunners with Berenberg, Commerzbank, Santander and Stifel.