Slovak Telekom has confirmed that the indicative price range for its IPO has been set at €17.7-€23.6 per share, valuing the incumbent at €1.5bn-€2bn (US1.6bn-$2.14bn).
The price range for global depository receipts is US$19-US$25.3, with each…
Slovak Telekom has confirmed that the indicative price range for its IPO has been set at €17.7-€23.6 per share, valuing the incumbent at €1.5bn-€2bn (US1.6bn-$2.14bn).
The price range for global depository receipts is US$19-US$25.3, with each GDR representing one share.
The National Property Fund of the Slovak Republic is selling up to 42.34 million shares and GDRs – the state’s entire 49% stake – which represents an offer size of €750m-€1bn. The shares are set to be listed on the Bratislava stock exchange and the GDRs on the London bourse.
The offering for retail investors in the Slovak and Czech republics begins tomorrow (22 April) and closes on 5 May, while, for institutional investors, it runs from today (21 April) to 6 May. Pricing and allocations are expected to be announced on 7 May.
Up to 10% of the offered shares are expected to be allocated to retail investors, who will get a 5% discount on early orders of up to 423 shares received by close of business on 5 May.
Slovak Telecom CEO Miroslav Majoros commented: “We look forward to meeting prospective investors over the coming weeks to share our plans to leverage our network advantage in the Slovak telecoms market to capitalise on the growth potential we see in high-speed broadband, Pay-TV, ICT and mobile data by bundling and cross-selling premium services and content to our large subscriber base.”
As previously reported, majority shareholder Deutsche Telekom will retain its 51% stake.
Citigroup and JP Morgan are acting as joint global coordinators and bookrunners, while Erste Group and Wood & Co are joint lead managers.
Meanwhile, the Prague Stock Exchange announced today that it will launch trading of a new issue by Slovak Telekom in Czech crowns on 12 May. The stock price will be announced straight after it is determined during the subscription process.
Slovak Telekom is the country’s largest integrated telco and second-largest mobile operator behind Orange’s local unit. It claims to have 1.163 million fixed-line and 2.22 million mobile subscribers.
