Two IPOs in Amsterdam: insurance and keeping fit
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There were two IPOs on the Amsterdam stock exchange on Friday: insurance company ASR and fitness group Basic Fit.
Around one hour after opening, ASR was trading around 3% up but Basic Fit had dropped to below its launch price, the Financieele Dagblad says.
ASR launched at €19.5, valuing the company at nearly €3bn. This is well below the €3.65bn the government paid for ASR, formally Fortis Verzekering Nederland, when it was nationalised in 2008. The Dutch state has now sold off 40% of ASR and will reduce its interest further at a later date.
Fitness group Basic Fit made its debut at €15, at the bottom end of the bandwidth announced in May. Basic Fit is owned by the 3i investment group, which retains just over 50% of the shares.
It plans to use the proceeds of the IPO to clear debts and finance its expansion in Europe.
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