French plastic automotive parts supplier Novares Group SA has relaunched its initial public offering (IPO) on the Euronext Paris stock index following a delay in November.
The company said Jan. 26 that it had refiled its intention — document de base — with the French market regulator French Autorité des marchés financiers (AMF) Jan. 25.
The group, formerly-known as Mecaplast-Key Plastics, was set originally to launch the IPO in November, with the aim to increase its financial flexibility and reinforce its global positioning.
The completion of the contemplated listing is subject to a number of factors, including the approval of the IPO prospectus by AMF.
Commenting on decision, Pierre Boulet, CEO of Novares, said the group had reached “several milestones” since October, when it relaunched itself as Novares.
Among the milestones, said Boulet, was the reorganization of Novares' corporate structure in China, which he said should help the group benefit from “the promising automotive sector volume and trends” in the country.
According Boulet, since October, Novares has entered into exclusive negotiation to acquire two unspecified companies.
Boulet did not name the two but said their acquisition would “contribute to further reinforcing our client mix and our geographical footprint.”