Belgian carpet maker Balta said on Wednesday it was planning to list on the Brussels stock exchange in the near future to raise about 138 million euros ($153.1 million) to reduce its debt.
The company, which had revenues of 668 million euros in 2016, said the listing would allow it to reduce its net debt to 2.5 times core profit from 3.9 times at the end of March.
Along with the initial share sale, private equity owner Lone Star would also sell a part of its shares in a secondary offering, the group added.
Balta said it was looking at merger opportunities as a way of growing its business, having bought U.S. based group Bentley in March.
J.P. Morgan Securities and Deutsche Bank were joint global coordinators of the offering, Balta said.