With the share price set at €14.50 ($19.95), Applus+'s IPO raised about €1.1 billion ($1.5 billion), with the company selling 20.7 million new shares to net around €300 million ($413 million), intended for debt repayment. The Carlyle Group, among other shareholders, whittled down its stake from a reported 68.3% to roughly 30%. Applus+, which now holds a market value of nearly €1.9 billion ($2.6 billion), provides testing, inspection and certification services, helping clients in all industries ensure their assets and products comply with regulations. It achieved a turnover of €1.6 billion ($2.2 billion) in 2013, employs 19,000 people and operates in 60 countries across five continents. Carlyle has backed the company since 2007.