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AMSTERDAM-ProLogis plans to float its European property division to raise euro 738 million ($936.65 million). A company statement says it will offer 49.7 million shares in the IPO, and there will be an over-allotment option of an additional 6.1 million shares.

The firm estimates the indicative price range for the offering at euro 14.35 ($18.21) to euro 14.85 ($18.84) per share. The company expects to announce the final offer price on about Sept. 22, and shares are due to start trading before the end of September on Amsterdam's Euronext exchange. After the offering, the company will have a total of 188.7 million shares, giving it an expected market capitalization of euro 2.7 billion ($3.4 billion) to euro 2.8 billion ($3.6 billion).

Some of the company's existing shareholders will be reducing their stakes as part of the IPO, a spokesman says. The IPO represents 26% of the company's total share capital. US parent company ProLogis will retain its 24% stake in the subsidiary following the move.The remaining 50% of ProLogis European Properties is held by 21 institutional investors, including ABP Stichting Pensioenfonds; Euro Industrial Properties Pte Ltd. (Government of Singapore); and Teachers Insurance, all three of which will be selling part of their stake.