Cinven and Walburg Pincus to sell further shares in Ziggo

The GPs have upped their offering from 25 million shares to 37 million with an over-allotment option of a further three million shares due to strong investor demand. Assuming the over-allotment option is not exercised, the GPs will retain a 38.6% stake in the company.

The company boasts an unusually successful IPO history, illustrating the continued strength of certain PE-backed firms on the public markets. Ziggo was floated on the NYSE Euronext Amsterdam in March this year for €21.20 per share, raising €922m for the company. The share price at the time of flotation was already far higher than its original indication of €16.50-€18.50, reaching a trading price of €23.50 per share at the end of July.

Warburg Pincus's Joe Schull spoke to unquote" about listing a company and the Ziggo case, notable for its unusual success in a landscape of distaste for IPOs.

Ziggo is the largest cable operator in the Netherlands, serving 56% of the Dutch population. Last year, the company recorded revenues of €1.48bn and an EBITDA of €835m with a 71% EBITDA-Capex.

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• Topics
• Benelux
• Cinven
• Warburg Pincus
• Netherlands