Spanish cableco Ono is considering an initial public offering in the first half of next year.
However no final decision has been made and Ono is yet to appoint any banks to advise it on the matter, a source with direct knowledge of the situation…
Spanish cableco Ono is considering an initial public offering in the first half of next year.
However no final decision has been made and Ono is yet to appoint any banks to advise it on the matter, a source with direct knowledge of the situation said.
Ono’s CFO Carlos Sagasta told TelecomFinance earlier this year that the reason why the company was not going public at that point in time was due to the economic situation in Spain (see TF 212/May 2013).
He said the cableco would wait until the country became an “investible jurisdiction” again.
Ono’s management is now keen to take advantage of foreign investors’ renewed interest in Spain after a small improvement in the country’s economy, two people with knowledge of the matter told Reuters.
Ono is also heartened by the success of French cableco Numericable’s IPO at the start of November, the report said.
Were Ono to float it would put a market value on a company which is consistently tipped as an acquisition target for many larger telcos. Spain’s second- and third-largest mobile operators Vodafone and Orange could both look at Ono as a way of bolstering their offerings to better compete with incumbent Telefonica.
Ono describes itself as the leading alternative provider of fixed telecommunications in Spain. It also operates an MVNO.
In 2012 the company generated revenues of €1.5bn, EBITDA of €752m and a net profit of €52m.
