Kabel Deutschland (KDG) has set the price range for its IPO, which is due to launch tomorrow.
The German cable operator said that it will offer up to 30 million shares priced at E21.50-E25.50. There is also a greenshoe option for a further 4.5 million…
Kabel Deutschland (KDG) has set the price range for its IPO, which is due to launch tomorrow.
The German cable operator said that it will offer up to 30 million shares priced at E21.50-E25.50. There is also a greenshoe option for a further 4.5 million shares.
The shares will be sold between March 11 and March 19 and the deal could raise over E700m, short of the earlier estimate of over E1bn, due to a reduced number of shares on offer.
Providence, which currently owns 88% of KDG, is expected to retain a majority stake in the company. A total of around 30% is likely to be sold.
Deutsche Bank, JPMorgan, Morgan Stanley and UBS are managing the deal.
KDG is the leading cable operator in Germany and reported net profits E23.1m in the first nine months of this financial year.
Deutsche Bank analysts recently estimated that KDG’s equity was worth between E3.1bn and E4bn while net debt stands at around E3bn. Last month KDG’s owners turned down a host of private equity bids worth around E5bn-E5.5bn.