UNQUOTE

NL- Wavin exercises overallotment option

  • Wietske Blees
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Dutch pipe manufacturer Wavin has announced that ABN AMRO Rothschild, Lehman Brothers and Merril Lynch International, in their capacity of joint global coordinators and joint bookrunners and in name of the banking syndicate, have exercised the overallotment option in its entirety. As a result, CVC Capital Partners and AlpInvest Partners have sold 3.371.313 existing shares for the offer price of EUR 11 per share.Following the exercise of the option, the free float of Wavin's shares has increased by 4.3% to a total of 47.8%.

CVC and AlpInvest are now expected to retain approximately 41% and 4.6% of Wavins' outstanding sharecapital, while the company's management will retain 6.6%.

The flotation of the company on 12 October raised less than targeted. The scale of the IPO had to be reduced and shares were priced at EUR 11, the bottom of the EUR 11-13.50 range. Concerns about the debt position together with the cyclical character of the markets in which the company operates deterred the Dutch institutional investors from participating in the IPO.

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