Spanish cableco Ono is reported to be close to picking the banks to work on its potential IPO after putting the work out to tender.
It may select Deutsche Bank and JP Morgan to manage the flotation after holding talks with investment banks last month,…
Spanish cableco Ono is reported to be close to picking the banks to work on its potential IPO after putting the work out to tender.
It may select Deutsche Bank and JP Morgan to manage the flotation after holding talks with investment banks last month, two people with knowledge of the matter told Bloomberg.
An Ono representative said the company did not comment on press rumours.
Speaking at a Spanish university last week, Ono’s CEO Rosalia Portela said that the company’s next step would be to go public, but that decision would be based upon market conditions.
Ono’s CFO Carlos Sagasta previously told TelecomFinance that the country would have to become an “investible jurisdiction” again before it could go public.
In December it was reported that Ono was considering an initial public offering in the first half of this year, heartened by Numericable’s successful IPO.
An IPO would give Ono – perennially tipped as an acquisition target for many larger telcos – a market value. A Spanish strategist quoted in the Bloomberg report suggested Ono may be worth €6.4bn (US$8.7bn) after it floats, based upon an 8.5x EBITDA calculation taken from its 2012 full-year results.
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. In its Q3 results it reported net debts of €3.33bn.
