France Télécom begins directories IPO

22 Jun 2004

France Télécom has launched the initial public offering (IPO) of a stake in its yellow pages directories business, the biggest flotation in the country since 2002. The telco is looking to raise as much as EUR1.79 billion (USD2.17 billion) from the sale of at least 30% of Pages Jaunes, with shares priced between EUR13.2 and EUR15.2. France Télécom says that investors can order stock until 6 July and hinted that, if demand is there, it might sell as much as 43% of the business.

France, Orange Group