AMSTERDAM (Reuters) - Bermuda-based HAL Trust (AS:HLAN) intends to sell a 20 to 25 percent stake in its eyewear retailing subsidiary GrandVision BV in a flotation on the Euronext exchange worth roughly 613 million euros (477.83 million pounds), it said Monday.
HAL, an investment group which owns 98 percent of Grandvision, did not set an exact date for the float, saying it would depend on market conditions, but it was expected in 2015.
As of June 30, HAL had recorded a book value of 2.45 billion euros for GrandVision.
GrandVision runs chains such as Vision Express in 34 countries and reported an operating profit of 223 million euros on 2.1 billion euros of sales in the first nine months of 2014.
Chief Executive Theo Kiesselbach said in a telephone interview the listing would raise the company's profile with suppliers and customers, help it attract good employees and give it financial flexibility.
Proceeds of the offering will go to HAL. GrandVision has net debt of 834 million euros, which Kiesselbach said was an appropriate level for it to be able to fund future growth, pursue acquisitions and pay shareholders a dividend.
GrandVision operates 5,600 stores under brands also including Apollo-Optik in Germany, Generale d'Optique in France and Pearle in the Netherlands, Belgium and Austria.
ABN AMRO and JP Morgan (N:JPM) are coordinating the offering.