Anche quanto dici tu torna, in effetti, e tuttavia le voci darebbero l'IPO come da attuarsi nel Q4/2010, ossia a brevissimo termine...
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Ci siamo, infatti: arriva l'IPO... vediamo se collocano un 20-30% o una quota maggiore...
- OCTOBER 11, 2010, 12:29 P.M. ET
UPDATE: TDC Selects Bank Mandate For 2010 IPO - Sources
By Jessica Hodgson, Marietta Cauchi and Margot Patrick Of DOW JONES NEWSWIRES LONDON (Dow Jones)--TDC A.S. (TDC.KO), the Danish telecoms operator, has appointed banks ahead of a planned 2010 flotation, people familiar with the matter said Monday, paving the way for what could be among the biggest share sales of the year.
Private equity firms Blackstone Group L.P. (BX); Permira; Kohlberg, Kravis Roberts & Co.; Providence Equity Partners; and Apax Partners, who bought TDC in 2005 for roughly $15.3 billion, including $3.3 billion in debt, have decided to press ahead with the long-awaited IPO this year and have confirmed a line-up of banks for the float.
JP Morgan Chase & Co. (JPM) Morgan Stanley (MS) and Skandinaviska Enskilda Banken AB (SEB- A.SK) have been appointed as joint global coordinators and bookrunners, people familiar with the matter said Monday.
UBS AG (UBS) and Deutsche Bank (DB) are also acting as bookrunners, people say.
The company has been edging toward the long-awaited IPO for several months, but a major hurdle was cleared last month when TDC succeeded in offloading its Swiss unit, Sunrise, to private equity firm CVC Capital Partners for about $3.3 billion.
TDC may also have hired additional Scandinavian banks sell shares into the local market. Danske Bank AS (DANSKE.KO) and Nordea Bank AB (NDA.SK) have previously been in discussions with TDC about playing a role in the share sale.
About 12% of TDC's stock is listed on the Copenhagen Stock Exchange but rarely trades. Based on first-half numbers--and after stripping out Sunrise's contribution--a float of the entire company at 5.5x earnings before interest, tax, depreciation and amortization--a standard valuation metric for telecom companies--would value TDC's equity at $11 billion. Net debt was around $6.1 billion at June 30.
A placement of around 30% of TDC's stock would make the transaction one of Europe's largest this year. The largest deal so far in 2010 has been Polish insurer PZU SA's $2.71 billion offer in April, but Italian renewable energy company Enel Green Power is expected to price an offer worth around EUR3 billion in early November.
Danish IPOs have performed strongly this year, against a background of volatility across European markets.
Jeweler Pandora A/S, a maker of collectible charm bracelets, last week priced Europe's fourth-largest IPO so far this year, as measured by Dealogic, with the shares closing Monday at DKK258.50, up 23% from their DKK210 offer price.
Another Danish company, food ingredients maker Chr. Hansen Holding A/S (CHR.KO), raised $907 million in June, in Europe's 10th largest IPO of 2010. Its shares were changing hands at DKK114 Monday, up 27% from their DKK90 issue price.
