An initial public offering of shares in Tele Columbus is clouded by uncertainty after its owners said they were reviewing market conditions ahead of a possible listing.
The German cableco’s management is monitoring global stock markets due to…
An initial public offering of shares in Tele Columbus is clouded by uncertainty after its owners said they were reviewing market conditions ahead of a possible listing.
The German cableco’s management is monitoring global stock markets due to increased volatility since it announced plans to float at the end of September, according to a company statement.
Since Tele Columbus revealing its plan to list, two German companies – e-commerce group Rocket Internet and online retailer Zalando – have experienced disappointing IPOs following a flurry of flotations this year.
In the initial IPO announcement, Germany’s third-largest cable operator said it planned to raise at least €300m (US$378m) by selling existing equity and issuing new shares on the Frankfurt Stock Exchange by the end of 2014.
Tele Columbus, owned by several hedge and credit funds via a Luxembourg-based holdco, mandated Goldman Sachs and JP Morgan at the start of the summer to work on a listing. The cableco also listed BofA Merrill Lynch and Berenberg as joint bookrunners and Rothschild as its financial adviser.
Tele Columbus is an integrated level 3/level 4 operator and claims to have 1.7 million connected households as of the end of June. It offers cable television, broadband and telephony, and recorded €207.7m in revenue for 2013 and €89.6m EBITDA.
