In IPO Veritas

9 October 2007 By Pierre Briancon

Sure, the E3.5bn IPO of La Caixa’s industrial holding division has been priced at the bottom of the range but the discount to NAV is in line with other Spanish holding companies. Meanwhile, France’s Bureau Veritas is looking at a E1bn IPO that values it in line with competitors.

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Shares of Criteria CaixaCorp, the investment holding company of La Caixa, Spain's thirdlargest bank, rose 2% Wednesday after the company's debut on Madrid's stock exchange.

Caixa is listing 20% of Criteria, which holds significant stakes in Spanish companies Gas Natural, Repsol and Telefonica, among others. The bank is planning to use the E3.5bnodd IPO proceeds to acquire stakes in banks or insurance companies, notably in Europe.

Bureau Veritas, the industrial inspection company fullyowned by Wendel Investissement, this week detailed its own IPO, to take place later this month.

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