Nov. 22 (Bloomberg) -- Tarkett SA, the French supplier of flooring products, fell in its stock market debut after shareholder KKR & Co. sold about 462 million euros ($623 million) of shares.
The shares, priced at 29 euros, traded at 28.32 euros as of 12:33 p.m. in Paris, giving a market value of about 1.8 billion euros. The amount of shares sold could increase to as much as 531 million euros if a so-called over-allotment option is exercised.
Tarkett joins French cable TV operator Numericable SAS and battery company Blue Solutions in listing shares in Paris in recent weeks. Numericable gained 15 percent on its debut in Paris trading, and Blue Solutions jumped 45 percent.
Sales at Tarkett, which is benefiting from demand in eastern Europe, Asia and North America, are forecast to rise 9 percent this year to 2.5 billion euros, generating about 300 million euros to 310 million euros in earnings, Chief Executive Officer Michel Giannuzzi said this month.
Nanterre-based Tarkett has been jointly owned by private-equity firm KKR and the Deconinck family since 2007. The Deconinck family will have 50.1 percent of Tarkett, and KKR will retain 18.9 percent of the company assuming a full exercise of the over-allotment option, Tarkett said yesterday.
The company is the world’s third-largest maker of flooring products for residential and commercial markets after Mohawk Industries Inc. and Berkshire Hathaway Inc.’s Shaw Industries Group, Giannuzzi said.
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