Europcar announces €475 million Paris stock listing

Europcar plans to raise €475 million through a listing on the Paris stock exchange.

Details of the planned initial public offering came as the car rental company announced reduced first-quarter losses of €4 million against €10 million in the same period a year earlier.

Company chairman, Philippe Germond, said: “The prospect of Europcar’s IPO represents a major step forward in the company’s development in a growing market featuring new mobility solutions.

“Being a listed company will bolster our balance sheet, accelerate the rollout of our strategy and provide us funds for capital spending to boost growth.

“We will pursue our path of profitable growth that we have strictly followed over the last few years, taking full advantage of all opportunities arising from new mobility trends.”

A new supervisory board for the company has been created, chaired by Jean-Paul Bailly, former chairman and chief executive of French mail service La Poste.

Members include ex-Avis Europe chief executive Pascal Bazin and Sandy Miller, former chairman of Budget Group.

The company said rental days in the first three months of the year rose by 10.4% to 11.4 million with revenue up 10.7% to €414 million.

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