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Cnova higher after lowballing IPO

Nov. 20, 2014 11:42 AM ETCnova N.V. (CNVAF) StockCNVAFBy: Eric Jhonsa, SA News Editor
  • After pricing its 26.8M-share IPO at $7 (well below a $12.50-$14 range), European online retailer Cnova (NASDAQ:CNV) opened at $7.63 and is currently at $7.53, up 7.6%.
  • Cnova, based out of The Netherlands and controlled by French retail giant Casino, is currently worth $3.3B, or just ~1x trailing sales. Over the first nine months of 2014, the company had revenue of $3B (+20% Y/Y), and a net loss of $69.7M.
  • Prospectus, IPO preview

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