Eutelsat reattempts IPO

Eurazeo, Nebozzo, Cinven and Goldman Sachs Private Equity have decided to float their shares in EuropeÂ’s largest satellite operator, Eutelsat, just a month after pulling plans for an IPO. The price range has been set at EUR 11.75-12.75 per Eutelsat share, which is a slight discount from the planned range in October of EUR 12-13.80 per share. Up to 73.2 million shares are being offered in a primary placing of 34% of the company to raise EUR 860m to reduce debt. The private equity backers will only exit if the 8% overallotment tranche is used. Goldman Sachs is lead bookrunner for the IPO with Morgan Stanley, Merrill Lynch, Lehman and Deutsche Bank dropping off the lead slot. Prior to cancelling its initial float plans, the Paris-based satellite giant had to lower its indicative price range after bankers divulged that there had been low demand for the shares. Poor market performance in the sector has been blamed for the drop in valuation.

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