Orkla launches Borregaard IPO to raise up to $350 mln

OSLO, Oct 1 (Reuters) - Norwegian conglomerate Orkla

launched the initial public offering of chemicals arm Borregaard on Monday, aiming to sell 81 million shares to raise between 1.6 billion and 2 billion crowns ($280 mln-$350 mln).

The shares are expected to be offered for sale at a price between 20 and 25 crowns per share, which would value Borregaard between 2.0 billion and 2.5 billion crowns on equity value.

"The final offer price per share may, however, be set above or below this indicative price range," Orkla said.

In addition Orkla will, following listing, receive approximately 1.0 billion in repayment of debt from Borregaard.

($1 = 5.7248 Norwegian crowns) (Reporting by Balazs Koranyi)

((Balazs.Koranyi@thomsonreuters.com)(+47 22 93 69 62)(Reuters Messaging: balazs.koranyi.thomsonreuters.com@reuters.net))