Gaz Transport & Technigaz, a joint subsidiary of France's GDF Suez, Total and private equity fund Hellman & Friedman, has launched an initial public offering (IPO) that could raise up to 675 million euros ($924 million).

GTT, the world's No. 1 maker of cryogenic hull linings for tankers that carry liquefied natural gas (LNG), said on Monday it would be offering 13.5 million shares at an indicative offering price range of 41 to 50 euros per share.

The listing will come with an overallotment option of 15 percent of shares offered. The IPO is due to close on Feb 25, with pricing expected on Feb 26 and trading due to kick off on Euronext in Paris on Feb 27.

GTT, based outside Paris, has 70 percent of the market for the high-tech alloy membranes that line the hulls of the world's liquefied natural gas (LNG) carriers. Its main customers are Korean and Chinese shipbuilders who pay GTT up to $10 million per ship.