Saft, the French batteries maker owned by Doughty Hanson, is to launch on Euronext’s Eurolist. The float has an indicative price range of between E24.50 pence to E28.50 pence per share, which is expected to value the company between E800m and E900m. Shares will begin trading on June 30, and Doughty Hanson has said it intends to remain the main shareholder post-IPO.
Doughty Hanson bought Saft in January 2004 from Alcatel for E410m and was the firm’s first investment in France. The business was refinanced in February this year earning investors in Doughty Hanson & Co IV E175m. This worked out at a return of over 10% of total commitments to the fund, a 1.5 multiple and a gross IRR of 43%.