Dutch cableco Ziggo has announced the price range for its planned IPO on NYSE Euronext, valuing the 20.125% of total issued share capital at €664.13m to €744.63m (US$878.15m to US$984.45m).
The company said it expects the offering will consist of…
Dutch cableco Ziggo has announced the price range for its planned IPO on NYSE Euronext, valuing the 20.125% of total issued share capital at €664.13m to €744.63m (US$878.15m to US$984.45m).
The company said it expects the offering will consist of 35 million shares currently held by founding shareholders, including affiliates of Cinven and Warburg Pincus. There will be an over-allotment option of up to 15% of offered shares.
The indicative price range is set at €16.50 to €18.50 per share.
If successful, Ziggo said the IPO will be Europe’s largest in almost a year and in the Netherlands’ since 2009.
The company said 15% of offered shares are reserved for preferential allocation to eligible Netherlands-based retail investors.
Bookbuilding for both institutional and retail investors begins today and is expected to close on 20 March. Pricing, determination of the exact number of shares offered and allocation are expected to take place the following day. Listing and first trading are also expected to take place on 21 March, Ziggo said.
Company CEO Bernard Dijkhuizen said the planned IPO has already attracted an “encouraging” level of interest from the investment community.
As previously reported, JP Morgan and Morgan Stanley are joint global coordinators for the IPO. 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.
Ziggo reported revenues of €1.48bn and EBITDA of €835m for 2011, reflecting organic revenue growth of 7.4%. The company said its strong network enabled it to generate an EBITDA margin of 56.5% and convert 71% of its EBITDA into operating free cash flow (EBITDA-Capex).
