There have been four times more demand for shares that will go on sale
BILBAO, 29 (EUROPA PRESS)
Euskaltel will go public next July 1 at a price of 9.50 euros per share, which would give a value to 100% of the company’s 1,202 million euros, according to Europa Press sources of the company .
The price, according to the prospectus of the offering, was moving in a range between 8.7 and 11.05 euros per share, so is finally set slightly below the middle of that range.
According to market sources consulted by Europa Press, the book was oversubscribed more than four times the price fixed, that is, there have been four times more demand for shares that will be on sale in the stock market.
After closing this Monday the bookbuilding, it will proceed to undertake the process of allocation to investors. Existing shareholders of the company, Kutxabank, Iberdrola and International Cable, will be selling 80.4 million shares equivalent to 63.55% of the company.
With the price set at 9.50 euros , it is valued at 1,202 million 100% of the shares of the company, which has a capital of EUR 379 613 400 divided into 126 537 800 shares.
Kutxabank sell 22.5 million shares and It will reduce its stake from 49.9% to 30.10%, a percentage that, the bank guarantees the “root” of the company to Euskadi. In the case of the other shareholders, International Cable and Iberdrola sold its entire stake in the group, which currently stands at 48.10% and 2%, respectively.
The share capital of the company It is divided into 126 537 800 shares with a nominal value of 3 euros each. A date of issue of the prospectus, the selling shareholders own 100% of capital and voting rights, and therefore the control of the company.
The capital of the offer put on sale may be extended to 69.9% assuming that the option of ‘greenshoe’, reserved for placement agents is exercised.
SIGNIFICANT SHAREHOLDER
After the IPO and assuming the ‘greenshoe’ option is exercised in full, Kutxabank continue as a significant shareholder with 30.1% of share capital, and the remaining 68.6% correspond to ‘free float’, excluding the shares acquired by the company itself in the offer to distribute to the template.
Euskaltel shares begin trading on July 1 and for this reason, the operator has prepared a ceremony to be held in the Bilbao Stock Exchange.
After the IPO, the entire staff of Euskaltel will become shareholders of the company and, in particular, the staff are giving away about four million shares, namely the equivalent of two months’ salary for each of employees.
INCENTIVE PLAN
On the occasion of the IPO, it has established a Plan Investment Incentives for 24 managers who receive 25 million net. This plan, as was reflected in the IPO prospectus, provided that the executives included in the same reinvest 50% of the incentive (12.5 million) in shares of the company, assuming the commitment to maintain the same, at least for a year.
However, after the controversy caused by this policy incentives, Euskaltel agreed that managers included in the Plan reinvested in the company’s entire income obtained and are committed, as it was plans to keep these shares for at least one year. With this variation, all staff of the company will own about 2% of the company
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