Lucien Barriere unveils IPO

The company set a price range of 16.10 to 19.60 Euros for the initial public offering (IPO) after receiving the green light from France's AMF stock market regulator.

The offer period is expected to close on September 29, with the price to be set on September 30. Talks with NYSE Euronext are due to begin on October 1, Lucien Barriere said in a statement this week.

The IPO covers 15,227,587 existing shares in the company, or 42.61 percent, owned by Accor, putting the value of the offer at between 245 and 298 million Euros ($386.4 million) based on the indicative price range.

Including an over-allotment option running from September 30 to October 29, the offer would cover Accor's entire 49 percent stake in Lucien Barriere.

The Desseigne-Barriere family will retain its 51 percent majority stake in Lucien Barriere.

In a statement, Accor said it intended to divest its entire stake in Lucien Barriere. "This disposal is in line with Accor's strategy to refocus on its hospitality business," the company said. The move is also likely to help Accor's efforts to cut its debt.

Lucien Barriere owns a total of 37 casinos, 16 luxury hotels and 131 restaurants and bars, including the famous Fouquet's restaurant on the Champs Elysees in Paris. It had revenues of more than 1 billion Euros last year.

In July, Lucien Barriere filed a registration document with French stock market regulator AMF, which was an initial step toward a possible stock market listing.