Ziggo to raise up to EUR 745 mln in IPO

News Broadband Netherlands 9 MAR 2012
Ziggo to raise up to EUR 745 mln in IPO
Dutch cable operator Ziggo has set an indicative price range of EUR 16.50-18.50 for its upcoming initial public offering in Amsterdam, valuing the IPO at EUR 664.12-744.62 million, assuming full exercise of the greenshoe. The IPO will see the secondary sale of 35 million shares held by Ziggo shareholders Cinven and Warburg Pincus, as well as a greenshoe, or over-allotment, of up to an additional 15 percent, together making up 20.125 percent of Ziggo's total issued share capital. The IPO will include a public offering to institutional and retail investors in the Netherlands and a private placement to institutional investors internationally, with the greenshow reserved for investors in the Netherlands. The offer subscription period starts on 9 March and ends 20 March. The shares will start trading on 21 March, with pricing and determination of the exact number of shares offered announced on that day. JP Morgan and Morgan Stanley are the joint global coordinators for the IPO, with Deutsche Bank, JP Morgan, Morgan Stanley and UBS acting as joint bookrunners, ABN AMRO, HSBC, Nomura and Rabobank as joint lead managers, ABN Amro and Rabobank as joint retail bookrunners and Societe Generale as co-lead manager. Ziggo also announced the nomination of Rob Ruijter as member of the supervisory board and chairman of the Audit Committee. Ruijter is expected to join before the IPO closes. Ruijter previously held financial executive board positions at Philips Lighting, ASM International, VNU, KLM and Baan. He currently has an advisory role at Verdonck Klooster & Associates and is a supervisory board member of Unit4 and Wavin. Ziggo reported revenues at EUR 1.48 billion and EBITDA at EUR 835 million in 2011, with organic growth at 7.4 percent

Categories:

Fixed

Companies:

Ziggo

Countries:

Netherlands

Tags:

Shareholders & subsidiaries, Cable - Docsis, Internet Access, Corporate strategy, Financial funding

Related Articles

NETHERLANDS 19 MAR 2013

Cinven, Warburg Pincus to further reduce stake in Ziggo

Ziggo shareholders Cinven, Warburg Pincus and their co-investors plan to sell around 40 million shares in the cable provider, bringing their combined stake down to 17.1 percent from 37.1 percent. The private placement will take place as an accelerated bookbuild. The price per share and the final number of shares sold will be determined on completion of the bookbuilding. The private equity companies have been steadily reducing their stake in Ziggo since listing the company in Amsterdam a year ago. They sold

NETHERLANDS 28 DEC 2012

Ziggo investors exit supervisory board

Paul Best and Caspar Berendsen have resigned as members of the Ziggo's supervisory board, with effect from 31 December. The move is the result of Cinven and Warburg Pincus reducing their stake in Ziggo to under 20 percent earlier in October. Paul Best is a managing director of Warburg Pincus and Caspar Berendsen is a partner of Cinven.

NETHERLANDS 24 APR 2012

Ziggo: growth continues, but first signs of FTTH impact visible

Ziggo showed another strong quarter in Q1 2012. The high growth and market share expansion is continuing, while the capacity utilisation on its network is falling slightly. ARPU is increasing, and cash flow generation is helping to reduce debt. The figures published earlier by Tele2 suggest that the DSL market is still struggling, and Ziggo's results confirm this. Ziggo reiterated its outlook for 2012, and the current trends can be expected to continue throughout this year.

GLOBAL 23 APR 2012

Divestments become urgent, rather than strategic

Recent reports of a strategic rethink in KPN's portfolio can apply to the whole European telecom sector. Mergers and acquisitions are relevant to the core activities, to win market share, develop new markets and enter emerging markets. However, considered alongside the growing need to invest in the roll-out of new networks, the latest moves by operators may appear somewhat negative. At the moment, divestments seem to be driven more by financial pressures than solid strategic choices.

NETHERLANDS 27 MAR 2012

Ziggo completes IPO

Ziggo officially completed its IPO after market close on 26 March. The IPO brought in EUR 925 million, including the greenshoe allotment. The extra allotment was exercised in full, which means the cable operator will put extra shares onto the market. Around 50 million shares will start trading: a "free float" of 25 percent of the company's total share number.

NETHERLANDS 21 MAR 2012

Ziggo IPO a success after banks choose modest valuation

Dutch cable operator Ziggo has completed its IPO and listed on the Amsterdam exchange. Initial strong demand led to the number of shares on offer being increased to 43.5 million, and the offer was "multiple times" oversubscribed, according to the company. The issue was priced at the top of the indicated range of EUR 16.50-18.50, raising a total EUR 804 million. This gives the company a market capitalisation of EUR 3.7 billion. With net debt of EUR 3.2 billion, the company's enterprise value is EUR 6.9 billi

NETHERLANDS 21 MAR 2012

Ziggo prices IPO at top of range, raises EUR 804 mln

Dutch cable operator Ziggo said the shares to be sold during its IPO have been priced at EUR 18.50 each, valuing the entire company at EUR 3.7 billion. The operator earlier set the price range at EUR 16.50-18.50. During its IPO, Ziggo will sell 43,478,260 shares, or 21.7 percent of its total shares, with the stake valued at over EUR 804 million. An over-allotment option, or greenshoe, of 15 percent has also been granted, taking the full stake sold, if exercised, to 25 percent of the company. Conditional tra

NETHERLANDS 19 MAR 2012

Ziggo to sell more shares during IPO

Dutch cable operator Ziggo has increased the number of shares it will offer during its planned IPO to 43.5 million from its originally planned 35 million, due to high demand. The company has therefore upped the stake sale to 21.7 percent from 17.5 percent. If the over-allotment option of 6.5 million shares is exercised in full, the IPO will represent 25 percent of Ziggo's total issued share capital. The IPO's subscription began on 9 March and will run until 20 March. Pricing and determination of the exact n

NETHERLANDS 1 MAR 2012

Ziggo CEO denies UPC merger reports

Ziggo CEO Bernard Dijkhuizen denied reports in Het Financieele Dagblad that Ziggo was mulling a merger with fellow Dutch cable operator UPC. Ziggo is now focused on its IPO, Dijkhuizen said. The reports of a merger began surfacing last week. Ziggo owners, private equity groups Warburg Pincus and Cinven, have never excluded the possibility of a Ziggo takeover by UPC parent Liberty Global. Ziggo however announced its intention to proceed with an IPO. Dijkhuizen did say Ziggo could cooperate with UPC during th

NETHERLANDS 29 FEB 2012

Ziggo IPO: another new corporate entity, details to follow

Cable operator Ziggo has confirmed it will seek a stock listing on the Amsterdam exchange. Shareholders Warburg Pincus and Cinven will sell existing shares in Ziggo NV in the initial public offering. At the same time, shareholder loans worth EUR 2.281 billion will be converted to shares. Details on the timing, price and size of the offering will follow later. Reuters reports that the company will sell around 15-20 percent of its shares, raising EUR 600-800 million.

NETHERLANDS 29 FEB 2012

Ziggo to proceed with IPO

Dutch cable operator Ziggo said it will proceed with an initial public offering (IPO) on NYSE Euronext in Amsterdam. JP Morgan and Morgan Stanley will coordinate the IPO. Ziggo said the IPO will consist of shares held by its owners, the private equity firms Cinven and Warburg Pincus. As part of the IPO, the shareholders will convert loans of EUR 2.281 billion to Ziggo into equity. The operator announced a policy for at least EUR 220 million in dividends this year and a pay-out of at least 50 percent of free

NETHERLANDS 23 FEB 2012

Ziggo IPO could be worth EUR 8 bln - Telecompaper

A Ziggo IPO could be in the works, according to market reports. Talk about an IPO also arose in 2010 but market conditions threw a damper on plans. But now, the banking syndicate interested in the IPO has been extended to eight banks, according to Bloomberg. Ziggo is looking to raise EUR 1 billion from an IPO, which could take place as soon as March. Despite a no comment from Ziggo on the matter, Telecompaper has come out with a Research Brief: "Ziggo IPO preview update – valuation est. EUR 8 bln". The Bri

NETHERLANDS 17 FEB 2012

Ziggo parents revive IPO plans, involve more banks - report

Ziggo parents Warburg Pincus and Cinven, have added four banks to manage the Dutch cable operator's planned initial public offering this year, Bloomberg reported, citing people with direct knowledge of the process. Nomura, HSBC, ABN Amro and Rabobank will act as co-lead managers for the IPO, said the people, who declined to be identified because the negotiations are confidential. The sale could happen as early as the first half and could raise more than EUR 1 billion. The IPO plans were revived after the Eu

Just In

19 DEC 16:42

SLT-Mobitel launches 5G network in Sri Lanka

19 DEC 16:19

Dialog Axiata launches 5G network, connects 1.5 million subscribers

19 DEC 15:56

UK govt to ban AI-enabled nudification apps to protect women, girls

19 DEC 15:42

3 UK launches last-minute Christmas sale

Commentary

13:56

Video market set for slower growth ahead

11:38

Netflix buys Warner Bros to deepen content catalogue

11:11

KPN's mixed performance in Q3 raises questions for strategy day

15:26

Stock markets breaking records but what happened to Odido's IPO plans?

Background

01:04

The week in telecom: Wi-Fi bolt-ons take off to boost broadband growth, video market works on consolidation

01:39

The week in telecom: Netflix wins bidding for Warner Bros, Apple poaches new execs, Samsung debuts trifold

13:51

Proximus vs. Telenet: Proximus performs better in Q3 while Telenet uses up cash

14:16

Proximus Domestic still struggling with low margins

Complete profile

Before downloading the whitepaper, we would like to ask you to complete your profile with company and position. After confirming you will receive the white paper.