AMSTERDAM (Reuters) – Coffee company JDE Peet’s on Tuesday set an indicative price range of 30-32.25 euros per share for its initial public offering (IPO), implying a market value of 14.9-16.0 billion euros ($16.3-17.5 billion).
The world’s No. 2 packaged coffee maker plans to raise about 700 million euros to pay down debt, selling 23.3 million new shares.
JDE, owner of brands including Peet’s Coffee, Douwe Egberts, and Jacobs, announced its intention to float last week.
Existing shareholders JAB Holding and Mondelez (MDLZ.O) will also sell up to 25.8 million shares each in the offer.
“We believe that JDE Peet’s is well positioned to be at the forefront of reopening the IPO market,” said Olivier Goudet of JAB, who is set to become chairman of JDE Peet’s.
Goudet cited the resiliency of coffee consumption despite the global coronavirus outbreak and the strength of the company’s brands.
The offer period closes on June 2 with final pricing and listing on Euronext Amsterdam on June 3.
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