Gestamp_optSpanish automotive parts maker Gestamp has announced its intention to list on the Spanish stock exchanges, putting certain existing shares currently held by the controlling shareholder, the Riberas family, up for sale.

Founded in 1997, the company has 98 production facilities in Europe, North America, South America and Asia. It manufactures components for over 800 vehicle models across about 50 different brands.

Using the €466m price Mitsui paid for a 12.5% stake last year puts a value on Gestamp of approximately €3.7 billion ($3.9 billion). Mitsui’s original purchase price was €416m but this was subsequently increased as a result of recent earnings figures.

The Riberas family owns 86% of Gestamp through its Acek, Gestamp 2020 and Risteel Corporation businesses. The free float post the listing will be no less than 25%, according to an intention-to-list document.

Gestamp's chairman and CEO, Francisco Riberas, said: “Becoming a public company is the next natural step in our growth trajectory.”

He added that the company would capitalise on automotive trends including increased OEM outsourcing, common platforms and global model strategies, stricter emissions regulations and safety standards, higher comfort features and dynamics, and the increasing importance of electric vehicles.

The company has just reported revenues of €7.55 billion for 2016, a 7.3% increase over the previous year. Net profit grew 37.1% to €221m.