Ziggo sets IPO price at top end of range; aims to raise USD1.06bn

21 Mar 2012

Dutch cableco Ziggo (Zesko Holding) has set the price of its initial public offering (IPO) at EUR18.50 (USD24.47) per share – the top end of the range – in what looks set to be one of the largest listings in Europe in the past twelve months. The announcement, which comes just a day after Swiss trade and services company DKSH raised USD1.09 billion through its own IPO, is being seen as a sign of renewed confidence in Europe’s equity markets after months of volatility stemming from the eurozone crisis. Ziggo confirms it has received high levels of interest from investors – a source close to The Financial Times claims the shares have been 15 times oversubscribed – as it looks to sell off 21.7% of its total 200 million shares, raising EUR804 million (USD1.06 billion). The initial offering will allow Ziggo’s owners Warburg Pincus and Cinven to realise a profit from the investment they made when they snapped up three smaller cablecos – Casema, Multikabel and Essent Kabelcom – in 2006 and merged them to form Ziggo.