CVC’s bpost shares to sell for €12.5-15

Ellie Pullen
05 June 2013

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Shares in bpost, the Belgian postal service backed by CVC, will sell for €12.5-15 in the business's upcoming IPO, according to reports.

According to Belgian daily L'Echo, the IPO is set to take place this Thursday. The anticipated share price would value the business at €2.5-3bn.

If CVC pushes ahead with its proposed sale of 25-30% of its shares in the company, the GP stands to collect between €625-900m. The Belgian state, which owns a 50%-plus-one stake in bpost, has already confirmed that it will not be selling any of its shares in the flotation.

Dutch paper De Tijd has reported that a fifth of the shares floated will be reserved for retail investors, which is double the regulatory amount of 10%. The remaining shares will be offered to institutional investors.

CVC first invested in bpost in January 2006 for €300m, according to unquote" data. The postal company, which employs 30,000 staff, reported revenues of €2.4bn for 2012, as well as an EBITDA of €502m.