French start-up Viadeo sets IPO price at bottom of range

Reuters News
Posted: Jul 01, 2014 3:33 PM

PARIS (Reuters) - French start-up Viadeo, the biggest online network for job seekers in China and France, set a price for its initial public offering at the bottom of its previously indicated price range on Tuesday.

The company said it would raise 22 million euros ($30 million) through the issue of new shares, priced at 17.10 euros each, as well as 10.7 million through converting bonds. The price range for the listing was set at 17.10 to 20.90 euros.

Viadeo said it would have a stock market capitalisation of 171 million euros. The shares are due to start trading on Euronext Paris on Wednesday.

The French company competes with market leader LinkedIn Corp and Germany's Xing, among others. Founded in 2004 by current Chief Executive Dan Serfaty and strategy head Thierry Lunati, its biggest markets are France, China, Russia, and French-speaking Africa.

(Reporting by James Regan; Editing by Alexandria Sage)