Cnova Announces Up To $375 Mln IPO - Quick Facts

(RTTNews) - Cnova N.V., a global eCommerce company, Friday announced the launch of its initial public offering of 26.8 million ordinary shares. The shares are expected to be priced between $12.50 and $14.00 each, which would result in a total offering size between $335 million and $375.2 million. At the midpoint of the proposed range, Cnova would command a market value of $5.8 billion. All of the shares are being offered by Cnova.

In addition, Cnova has granted the underwriters an option to purchase up to 4.02 million additional ordinary shares to cover over-allotments, if any.

Cnova has applied to list its ordinary shares on the NASDAQ Global Select Market under the symbol "CNV".

Cnova N.V. is one of the largest global eCommerce companies, operating Cdiscount sites in France, Brazil, Colombia, Ecuador, Thailand, Vietnam, Ivory Coast, Senegal and Belgium and the sites Extra.com.br, Pontofrio.com and Casasbahia.com.br in Brazil. The company is part of French mass retailer Groupe Casino.

Cnova said it plans to use the proceeds from the IPO to expand its direct-sales business and marketplaces, as also for enhancing delivery infrastructure.

The company posted about $3 billion in sales for the nine months ended September, up 20 percent from last year.