Cinven and BC backed Amadeus floats; raises €1.33bn

Francinia Protti-Alvarez
29 April 2010

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BC Partners and Cinven backed travel reservation specialist Amadeus has listed simultaneously in the Madrid, Barcelona, Bilbao and Valencia stock exchange, raising €1.33bn; making it the largest European IPO since the onset of the financial crisis.

The IPO was over-subscribed and valued above the midpoint of the indicative range, implying a value of 100% of the equity of €4.93bn

The initial public offering of 119,684,662 of its shares was set at €11 per share, above the midpoint of the indicative €9.20-12.20 per share range indicated on 14 April. Trading opened this morning on €11.03.

The offering (prior to any exercise of the over-allotment option) totalled €1.33bn, representing 26.74% of the company's share capital. This could rise to €1.45bn and 29.41% respectively if the over-allotment option is exercised in full.

Prior to the listing, BC Partners and Cinven Group owned 52.76% of Amadeus, while Air France held 23.14% and Iberia and Deutsche Lufthansa 11.57%.