The IPO of Spanish cableco Euskaltel was four times oversubscribed, a person familiar with the company said.
Euskaltel, which is due to start trading on Wednesday, priced the offering at €9.50(US$19.56) per share, valuing the operator at…
The IPO of Spanish cableco Euskaltel was four times oversubscribed, a person familiar with the company said.
Euskaltel, which is due to start trading on Wednesday, priced the offering at €9.50(US$19.56) per share, valuing the operator at €1.2bn.
The Basque cable player is set to list about 63.5% of the company with a 10% greenshoe option.
Should the overallotment option be fully exercised, Euskaltel will list up to 69.9%.
Rotschild has advised the company on the offering, while UBS and JP Morgan are acting as joint global coordinators.
Euskaltel is 48.1% owned by private equity firms Trilantic and Investindustrial (International Cable), while Kutxabank (42.83%), its subsidiary Araba Gertu (7.07%), and utility Grupo Iberdrola (2%) hold the remaining shares.
Following the IPO, International Cable and Iberdrola will fully exit the company, while Kutxabank will retain a 30.1% stake.
The offering is aimed at accelerating the company’s growth plans, facilitating access to funding and M&A expansion.
