Logistics parks group CTP raises 854 million euros in Amsterdam IPO

By Toby Sterling

AMSTERDAM (Reuters) -CTP NV, which owns and operates logistics parks in Central and Eastern Europe, said on Thursday it had priced shares in its initial public offering at 14 euros each, valuing the group at 5.6 billion euros ($6.62 billion) in its debut on the Euronext stock exchange in Amsterdam.

The company, based in Utrecht but headquartered in the Czech Republic, said it had sold 61 million new shares, or 15.4% of shares outstanding in the offer, raising 854.2 million euros, excluding over-allotment options.

CEO Remon Vos said in an interview he thought the listing price was good value for investors. Shares traded 2.1% higher at 14.30 euros by 0939GMT.

He said the company, which operates 28 large logistics parks in Czech Republic, Romania, Slovakia and Hungary, is poised for years of growth even if tailwinds from the online shopping boom amid the COVID-19 pandemic fade.

"It's a good portfolio that's built in the right place ... it's a nice opportunity for investors," he said.

He did not offer specific sales or profit forecasts. CTP intends to pay a dividend of 70-80% of underlying profits.

The company reported pre-tax profit of 290 million euros in its most recent reporting year and has 400 employees.

CTP said it would use the money raised to develop new properties, for "selective" property acquisitions and to pay down debt.

The group is the latest in a spate of companies choosing to list or move to Amsterdam following Britain's decision to leave the European Union.

CEO Vos holds an 83% stake after the listing.

($1 = 0.8464 euros)

(Reporting by Toby Sterling; editing by Uttaresh.V and Jane Merriman)