Triple Play IPO to take place on 14 October

24 Sep 2020

Sao Paulo-based regional operator Triple Play Brasil Participacoes (Conexao Fibra) will stage its initial public offering (IPO) on 14 October, Valor reports, with the company’s shares set to be traded on B3’s Novo Mercado stock exchange, under the ‘CONX3’ ticker symbol. The indicative price range has been set at BRL12.50-BRL15.50 (USD2.26-USD2.81), and a total of 93,297,884 shares (40% of the total) will be included in the base offer, meaning the IPO could generate between BRL1.17 billion and BRL1.45 billion.

If the share sale proves popular the telco is willing to sell an additional lot equivalent to 20% of the shares, followed by a supplementary lot equivalent to a 15% stake. If both additional share sales take place, controlling shareholder ALAOF Brasil Midia Holdings will see its 91.6% stake reduced to 21.6%, with minority shareholders Claudio Almeida and Gilberto Minionis also diluting their stakes. The IPO coordinators have been named as Banco Itau, Merrill Lynch, Bradesco BBI and UBS.

Triple Play – which has acquired nine regional ISPs in recent years – presides over a total of 8,000km of fibre-optics, with networks passing 989,000 homes and businesses in Ceara, Rio Grande do Norte, Paraíba, Bahia, Sao Paulo and Minas Gerais. The telco’s various brands are said to serve a total of 385,000 residential and B2B subscribers.