MADRID (Reuters) – The Comisión Nacional del Mercado de Valores (CNMV) on Thursday gave the green light to IPO Cellnex, the division of terrestrial telecommunications Abertis, valued between 2,784 and 3,248 million euros, according to its stock prospectus.
Cellnex shares will begin trading on May 7, with an initial non-binding price range between 12 and 14 euros per share, according to the tentative schedule.
Abertis expects to place up to 55 percent of the capital of its subsidiary (about 127.4 million shares) in an IPO in which another 5.5 percent (12.7 million shares) has been reserved for the underwriters in case of excess demand.
At these prices, Abertis can grasp with the sale of 55 percent of capital to 1,783 million euros and 60.5 percent to 1.962 billion euros.
The IPO will be directed exclusively to institutional investors, leading to Abertis a cost of up to 39.7 million euros. Individual shareholders may only buy once Cellnex publicly traded.
Cellnex, which just announced the purchase of nearly 7,400 towers mobile operator Wind in Italy, will have a total of 12,000 mobile towers in Spain and Italy, once the transaction is closed with Wind.
Last year, Cellnex had revenues of 436 million euros and earned a gross operating profit (EBITDA) of 178 million euros.
57 percent of these revenues proceeded infrastructure for transmitting television signals and radio in Spain, 24 percent of rental of telecommunication towers operators and 19 percent of the activity of network services and other .
But the weight of traditional business of the audiovisual signal will be modified substantially by buying Wind towers and Cellnex could become the largest independent operator of mobile towers in Europe.
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