Dufry-owned Hudson Ltd. has laid out the terms of its initial public offering (IPO) in a United States Securities and Exchange Commission (SEC) filing (Friday 19 January).

According to an amendment to form F-1, issuer Hudson will offer 39,417,765 Class A common shares priced between $19 and $21 per share.

Based on a valuation at the mid-point of the range, the sales would raise $788m.

In a statement, Dufry Group says the Class A common shares have been approved for listing on the New York Stock Exchange under the symbol “HUD”, subject to official notice of issuance.

PRELIMINARY OPERATING INDICATORS

In preliminary operating results detailed in the filing, Hudson says it expects to report turnover in the range of $1,795m to $1,805m for the year ending 31 December 2017 compared to $1,687.2m in the previous year [although this is yet to be officially confirmed].

“The increase in turnover was primarily the result of an increase in net sales attributable to increases in average sales per transaction, with the remainder attributable to an increase in the overall number of transactions,” said the filing.

Operating profit is expected to be in the range of $57m to $61m for the year ending 31 December, compared to $43.2m in the previous year.

Julián Díaz, CEO, Dufry Group had previously told TRBusiness in an exclusive interview that any consideration for the [North American] business  labelled a ‘great asset’ to Dufry would depend on the right evaluation.

He also said at the time that any pursuit of an IPO would help Dufry invest in organic growth and acquisition activities in key regions such as Asia.

To see the full interview from the TFWA World Exhibition & Conference in October, click here.