Upcoming IPO to value Advent's Equiniti at up to £600m

Mikkel Stern-Peltz
14 October 2015

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Advent International-backed share registrar and investor services technology provider Equiniti has priced its upcoming IPO on the London Stock Exchange in the range of 165-200 pence per share, implying a market cap of between ТЃ495-600m.

Advent has agreed to take on £75m of new shares floated as part of the IPO.

The offer prices the company at substantially less than the £1bn valuation suggested by some analysts ahead of the pricing.

Equiniti had aimed to raise £390m in the offering when it published its intention to float in the beginning of October, but the pricing document states proceeds from the flotation are likely to be around £315m.

The cash will be used to repay part of the group's current debt, as well as cover transaction, tax and financing costs of the listing. Equiniti is targeting net debt levels of 3.25x its 2015 EBITDA by the end of the year.

Barclays and Goldman Sachs are acting as joint sponsors, joint global coordinators and joint bookrunners, while Credit Suisse Securities is also acting as joint bookrunner. Liberum Capital is acting as co-lead manager and Rothschild is acting as financial adviser to Equiniti.