Tele Columbus greenshoe takes IPO proceeds to €367m
Tele Columbus has said JP Morgan, the stabilisation agent on its initial public offering, has taken up its over-allotment option to acquire a further 3.3 million of the German cableco’s stock.
The greenshoe has raised another €33m for Tele Columbus…
Tele Columbus has said JP Morgan, the stabilisation agent on its initial public offering, has taken up its over-allotment option to acquire a further 3.3 million of the German cableco’s stock.
The greenshoe has raised another €33m for Tele Columbus taking total proceeds from the listing to €367m (US$427m).
Tele Columbus announced its plans to list last September but put the process on ice in October due to volatility in European equity markets.
It revived the process at the start of the year and its shares priced on 22 January, at €10 apiece; at the mid-point of its €8 to €12 price range.
The operator sold 33.3 million new shares and 14.4 million shares held by existing shareholders, several hedge and credit funds via a Luxembourg-based holdco, and started trading on the Frankfurt Stock Exchange on 23 January under the ticker TC1.
Goldman Sachs managed the listing alongside JP Morgan. BofA Merrill Lynch and Berenberg acted as bookrunners, and Rothschild was a financial adviser.
Tele Columbus provides cable television, broadband and telephony services to 1.7 million households, with a particular focus on Eastern Germany, although it also aims to expand in selected Western German regions.
The company posted revenues of €159.3m in Q3 2014, and EBITDA of €72.9m.
