Europastry’s initial public offering (IPO) was approved by Spain’s Comisión Nacional del Mercado de Valores (CNMV), valuing the company at EUR 1.57 billion. The book-building process starts on September 27, ahead of the listing date, aimed for October 10. A listing is planned on the Barcelona, Madrid, Bilbao and Valencia stock exchanges (source: Yahoo Finance). The price range was set at between EUR 15.85 and EUR 18.75. Europastry aims to raise approximately EUR 210 million in gross proceeds, by offering between 26.93 million and 28.98 million ordinary shares, Reuters reports. Jordi Galles, Europastry founder, will retain a controlling stake of 62.2% of total shares, the media agency learned.

This is Europastry’s second attempt this year to be listed at the stock exchange. Founded in 1987, Europastry operates 27 plants in America and Europe.

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Photo: Europastry Instagram