Schlumberger to float Axalto

Schlumberger to float Axalto

Schlumberger has filed a prospectus with French regulatory authorities for an initial public offering of the majority of stock in its smart card subsidiary Axalto.

In a statement, Schlumberger says it will proceed with the IPO "when market conditions permit". Analysts expect the company to be valued at EUR750 million and to see the stock listed on Euronext by July.

Axalto, which was previously known as Schlumberger Smart Cards and Terminals, generated a net profit of EUR25 million in 2003 on gross revenues of EUR768 million. The company employs 4500 people and is rated as the world's leading provider of microprocessor cards.

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