Shares in Basque cable operator Euskaltel rose more than 10% on the first day of trading to €10.50 per share from an allocated price of €9.50.
The company raised nearly €764m from the offering, which would increase to €840m should a 10%…
Shares in Basque cable operator Euskaltel rose more than 10% on the first day of trading to €10.50 per share from an allocated price of €9.50.
The company raised nearly €764m from the offering, which would increase to €840m should a 10% greenshoe option be fully exercised.
The global coordinators may exercise the option, in whole or in part, over the next 30 days.
Commenting on the IPO results, Euskaltel chairman Alberto Garcia Erauzkin said: “The high interest shown by the investment community is a testament to our leadership position in the market and our potential for future growth”.
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.
Should the overallotment be exercised in full, Euskaltel’s free float will stand at 68%, while Kutxabank will retain a 30.1% in the cableco, and managers and employees will own 2%.
Rotschild has advised the company on the offering, while UBS and JP Morgan are acting as joint global coordinators.
The offering is aimed at accelerating the company’s growth plans, facilitating access to funding and M&A expansion.