Europe’s largest car rental firm Europcar plans to list on the stock market and expects to raise €475 million in new capital.

The French business said it would use the money raised to cut debt, which stands at around €600 million.

Chief executive Philippe Germond, said: “The prospect of Europcar’s IPO represents a major step forward in the company’s development in a growing market featuring new mobility solutions.

“Being a listed company will bolster our balance sheet, accelerate the rollout of our strategy and provide us funds for capital spending to boost growth.

“We will pursue our path of profitable growth that we have strictly followed over the last few years, taking full advantage of all opportunities arising from new mobility trends.”

The car rental firm also announced it will establish a new supervisory board to be led by Jean-Paul Bailly, the former chief executive of the French national mail service La Poste.

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