CVC Capital Partners Targets $16 Billion Market Cap in IPO: Reuters
CVC Capital Partners Aims for $16 Billion Market Cap in IPO
Private equity group CVC Capital Partners is gearing up for its initial public offering (IPO) with a target market capitalization of up to 15 billion euros ($16 billion), the company announced on Monday. The IPO is set to launch on Euronext Amsterdam on April 26, with shares priced between 13 and 15 euros.
According to banks involved in the deal, investor demand for the IPO has been overwhelming, with the books oversubscribed multiple times. If shares are priced at the midpoint, CVC and its shareholders could raise up to 1.8 billion euros through the sale of new and existing stock.
CVC had previously attempted an IPO in November but had to pull out due to unfavorable market conditions. However, with the recent surge in IPOs in Europe and improved investor sentiment, the company is confident about its upcoming listing.
The private equity group, which manages around 186 billion euros in assets, is looking to diversify its portfolio and transform into a diversified asset manager. Last year, CVC announced deals to acquire infrastructure manager DIF and partner with secondaries manager Glendower.
CVC’s IPO follows in the footsteps of other buyout groups like Bridgepoint and EQT, who have also recently gone public in Europe. Reports suggest that U.S.-based General Atlantic may also be considering an IPO in New York.
Despite mixed performances of recent IPOs, CVC remains optimistic about its listing and the future of its business. Stay tuned for more updates on CVC Capital Partners’ IPO journey.
(Reporting by Pablo Mayo Cerqueiro in London and Michal Aleksandrowicz in Gdansk; Editing by David Goodman, Kirsten Donovan)
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