Cinven and Warburg Pincus-backed Ziggo files for IPO

The investors hope the IPO will raise between €664m and €745m for the company, assuming the fully exercised allotment option. Shares will be offered to institutional and retail investors in the Netherlands and distinct international institutional investors. The indicative share price range is set at €16.50 to €18.50 per share.

The company will sell 35 million shares. Additionally there will be an over-allotment option up to an extra 15%.

The company started trading under the ticker name 'ZIGGO' on 21 March 2012 on the NYSE Euronext in Amsterdam. The inital price was €21.20 per share, raising €922m for the company. 

Ziggo was established after the portfolio companies Multikabel, Casema and Essent Kabelcom were merged in June 2008.

The capital structure foresees an initial dividend payout of €220m in 2012 and a progressive dividend policy. In the following year, the company plans to pay a dividend of at least 50% of free cash flow to equity shareholders. Furthermore, the company intends to convert its shareholder loans of €2.3bn into equity and maintain a net debt to EBITDA ratio of 3.5:1.

Company
Ziggo is the largest cable operator in the Netherlands, serving 56% of the Dutch population, or 4.2 million homes with 3 million subscribers.

In 2011, the company recorded revenues of €1.48bn and EBITDA of €835m with a 71% EBITDA-Capex.

People
Bernard Dijkhuizen is CEO of Ziggo.

Advisers
Company – JP Morgan (Coordinator, book runner); Morgan Stanley (Coordinator); Deutsche Bank (Book runner); Morgan Stanley (Book runner); UBS (Book runner); ABN AMRO (Lead manager, retail book runner); HSBC (Lead manager); Nomura (Lead manager); Rabobank (Lead manager, retail book runner); Société Générale (Co-lead manager).

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