Strong investor demand has prompted Dutch cableco Ziggo to increase the size of its upcoming IPO from 20.125% to 25% of its total issued share capital.
This move could see the sale raise up to €925m (US$1.2bn).
Ziggo said in a statement today…
Strong investor demand has prompted Dutch cableco Ziggo to increase the size of its upcoming IPO from 20.125% to 25% of its total issued share capital.
This move could see the sale raise up to €925m (US$1.2bn).
Ziggo said in a statement today that the company, together with affiliates of private equity firms Cinven and Warburg Pincus acting on behalf of selling shareholders, have decided to increase the number of offered shares from 35 million to slightly more than 43.47 million.
This equates to an increase from 17.5% to 21.7% of the total issued share capital. If the over-allotment option of 6.52 million shares is fully exercised, the offering will result in the sale of a 25% stake in the company.
Ziggo said that pricing, determination of the exact number of shares to be offered and allocation are expected to take place on or around 20 March, with listing and first trading on the Amsterdam-based NYSE Euronext set for 21 March.
“The company and its selling shareholders look forward to partnering with the extremely high quality investor base that has expressed an interest in the offering,” said Ziggo CEO Bernard Dijkhuizen.
On 9 March, Ziggo announced the indicative price range for the IPO was set at €16.50 (US$21.78) to €18.50 (US$24.42) per share.
Book-building began that day and, just three days later, a Reuters report citing two sources close to the deal said the books had already been covered. A subsequent Reuters report citing a source close to the deal said the company plans to price the sale at the top end of the indicative range.
Ziggo’s IPO is on track to becoming Europe’s largest in almost a year and the Netherlands’ since 2009, according to the company.
JP Morgan and Morgan Stanley are joint global coordinators for the listing; Deutsche Bank, JP Morgan, Morgan Stanley and UBS are joint bookrunners; ABN Amro, HSBC, Nomura and Rabobank are joint lead managers; ABN Amro and Rabobank are joint retail bookrunners and Societe Generale is the co-lead manager.
