By Paul Day
MADRID (Reuters) - Spanish car parts maker Gestamp
Gestamp supplies parts for more than 800 models of cars for manufacturers including Volkswagen (DE:VOWG_p) and Renault (PA:RENA) and has 98 plants worldwide and over 36,000 workers.
The planned initial public offering is the third Spanish stock market listing announced this year after Prosegur (MC:PSG)
Gestamp's valuation is based on the sale of 12.5 percent to Mitsui for 467 million euros, which was adjusted on Monday from an original value of 416 million euros. The components maker said it plans to float up to quarter of its shares.
The listing consists of shares held by stakeholders the Acek family and affiliate Risteel to international institutional investors, while the controlling family Riberas will remain the company's core shareholder, Gestamp said on Monday.
The shares will be listed on the Madrid, Barcelona, Bilbao and Valencia stock exchanges in the second half of the year.
The listing prospectus is currently being reviewed by the market regulator CNMV, Gestamp said in a statement confirming its intention to list first announced in October.
The company, formed in 1997 from the integration of several small companies that stamped automobile parts out of sheet metal, reported a rise in net profit of 37.1 percent from a year earlier in 2016 to 221 million euros. Core profit (EBITDA) rose 10.6 percent from a year earlier to 841 million euros.
($1 = 0.9367 euros)