EVC float expected to raise close to pounds 245m

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The Independent Online
EVC International, Western Europe's biggest maker of polyvinyl chloride, will be priced at between 70 and 80 Dutch guilders a share when it is floated on the stock market next month, writes Martin Flanagan.

Yesterday's pathfinder prospectus said the flotation of EVC, currently a joint venture between ICI of Britain and EniChem of Italy, will raise around pounds 245m and value the company at more than pounds 400m.

ICI and its Italian partner will continue to hold a total of just under 40 per cent of EVC, the fourth-biggest maker of PVC in the world.

ICI and the Italians are each set to receive about pounds 60m from their stake sales. EVC is expected to receive net proceeds of more than pounds 120m. Gearing is expected to come down from 57 to 28 per cent.

Both ICI and EniChem have agreed not to sell any more shares until at least early 1996. The final flotation price will be set on 14 November, and trading is expected to start in Amsterdam and on SEAQ International on 21 November.