Euronext values itself at up to €1.8 billion ahead of IPO

Tuesday 10 June 2014 18.34
Euronext said it expected its IPO to be priced at €19-25 per share
Euronext said it expected its IPO to be priced at €19-25 per share

Euronext said today it aims to raise between €880m and €1.158 billion in an initial public offering which would value the European financial markets operator at up to €1.75 billion. 

Euronext's parent Intercontinental Exchange will offer up to 60.15% of the capital of the company in the IPO, or 42,108,230 shares, expected to be priced at between €19-25 a share. 

A group of institutional investors, which include French banks BNP Paribas and SocGen, Dutch firm ABN Amro, Belgian government investment vehicle SFPI, European clearing house Euroclear, and a unit of Portugal's Banco BPI will take a 33.36% stake in the market operator at a 4% discount to the IPO price. 

In addition, a number of institutional investors have committed to purchase 2% of the shares in the IPO, said Euronext. 

The group operates equity, fixed income and derivatives markets in Paris, Amsterdam, Brussels and Lisbon, and has recently received approval to operate as a full exchange by Britain's financial regulator. 

IntercontinentalExchange acquired NYSE Euronext in a $11 billion deal last year, and the US exchange group committed to spinning off Euronext.

European regulators approved ICE's takeover of NYSE Euronext on condition it kept a 25% stake in Euronext for three years, or found appropriate investors to replace it. 

Chief Executive Dominique Cerutti told reporters on a conference calls that he planned for a 65% free float, with 10% reserved for sale to retail investors. 

The cornerstone investors holding about 1% each are French utility GDF Suez and KBC Bank.

Keywords: ipo, euronext