Spanish incumbent Telefonica has suspended the IPO of its call centre business Atento, citing adverse market conditions.
The move was announced this morning, in a note to the Spanish market regulator CNMV, in consensus with the group’s global…
Spanish incumbent Telefonica has suspended the IPO of its call centre business Atento, citing adverse market conditions.
The move was announced this morning, in a note to the Spanish market regulator CNMV, in consensus with the group’s global coordinators.
The news follows on the heels of a poorly received bond issue by Spanish bank Banco Santander, against the backdrop of wider concerns about the health of the Spanish economy.
Last week, Telefonica postponed the pricing of the IPO by a day, in order to give investors extra time to assess the reduction of its pricing, as announced previously. The operator had reduced the lower end of the non-binding price range to E17.25, having originally set the range at E19.25 to E25.
In its original announcement on 26 May, Telefonica said it would offer a total of 30.6m shares, approximately 51% of Atento’s shares.
It said that the offering would have just one global tranche that would be directed at national and international institutional investors.
The sale was to be jointly coordinated by Citigroup and Goldman Sachs, while Banco Santander, BNP, BBVA and JP Morgan are the bookrunners.
