Applus $1.5 Billion IPO Said Likely to Price Near Middle

Carlyle Group LP is likely to price the 1.1 billion-euro ($1.5 billion) initial public offering of Spanish inspection company Applus Services SA near the midpoint of an announced range, said two people with knowledge of the matter.

Investment banks managing the share sale today told investors that orders below 14.50 euros a share may not get any allotment in the IPO, the people said. The price range for the sale was narrowed to 14 euros to 15 euros yesterday, from an initial range of 13.25 euros to 16.25 euros. The sale is now closed to investors.

Applus is among Spanish companies including EDreams Odigeo, an online travel service, and call-center operator Atento SA selling shares this year as investors return to the country’s market on the strength of an economic recovery. Companies have raised about $1.8 billion in 2014 Spanish offerings after two years without any IPOs, according to data compiled by Bloomberg.

Morgan Stanley, UBS AG, Citigroup Inc. and JPMorgan Chase & Co. are among banks managing the Applus sale.

Applus, which operates in more than 60 countries and has about 19,000 employees, reported operating profit before depreciation, amortization and other items of 200 million euros last year on revenue of 1.6 billion euros.

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