Legrand has met strong demand from investors in the largest initial public share offering in France this year. The offer was around 30 times oversubscribed.

The group is offering a 20% stake at 19.75 euro per share, valuing the company at around five-and-a-half billion euros.

Part of the money raised will be used to pay off the firm's debt. This should pave the way for it to be ranked at investment rate, so allowing it to borrow more cheaply to fund its aggressive acquisition strategy.

Source

Electrical and Mechanical Contractor