UPDATED. Ziggo’s IPO will bring its owners Cinven and Warburg-Pincus a total of €804 million for 43,478,260 shares.
This morning, Wednesday March 21, Ziggo began trading at the NYSE Euronext Amsterdam (Amsterdam Stock Exchange) at the maxiumu price of €18.50. After opening, the price immediately rose to €21.20 climbing to €21.70 within two hours.
Trading was brisk during the first few hours with about one quarter of all shares changing hands. At the closing of the market, Ziggo stood at €21.25, a gain of 14.9%.
Because of huge demand the two owners decided to bring more shares to the market, up from 35 million, to 21.7% of the company.
Market capitalisation of Ziggo stands at €3.7 million and the company is now valued at €6.8 billion.
“We are very happy to complete our IPO with such strong interest from investors, attracted by our combination of growth, dividends and deleveraging,” CEO Bernard Dijkhuizen said in a statement.
Joseph Schull, head of Warburg Pincus in Europe, commented, “Ziggo is a good illustration of our investment approach. We identified the Dutch cable market as an attractive and growing industry and then created a new national market leader by backing an exceptional management team to acquire and successfully integrate three regional cable companies. We also supported significant capital investment and an ambitious growth strategy. We congratulate the management and employees of Ziggo on their achievements to date and look forward to the company building on its successful track record.”
