6 October 2017 – Observatorio Inmobiliario
The property developer Aedas Homes is planning to debut on the stock market on or around 20 October at an indicative price of between €31.65 and €33.15 per share, which represents a market capitalisation of between €1,518 million and €1,585 million, according to a prospectus approved yesterday by Spain’s National Securities and Exchange Commission (CNMV).
The company will place between 3.016 and 3.159 million new shares through an initial public offering (IPO) to obtain gross revenues of around €100 million.
Moreover, the current owners – funds managed by the private equity firm Castlelake – will sell up to 17.9 million of their shares through a public sale offering. The firm’s stake currently accounts for 40% of the company’s share capital.
The existing shareholders will also give the global coordinators of the operation the option to buy an additional 10% (“greenshoe”).
The offer will be targeted exclusively at qualifying institutional investors, both in Spain and overseas.
Following the debut, the free float (percentage of capital that trades freely on the stock market) will stand at around 44%, a percentage that will increase to 48% if the purchase option over the additional 10% stake is exercised.
According to the prospectus, the current shareholders’ stake is expected to amount to 56.13% in the event that the additional purchase option is not exercised, in which case, the price will equal the midpoint of the indicative range; and 51.75% if the “greenshoe” is exercised.
The property developer will request the listing of its shares on the stock markets of Madrid, Barcelona, Bilbao and Valencia.
Aedas Homes plans to use the funds that it raises through the IPO to invest in future growth opportunities and to partially finance the expansion of the company and the purchases included in its house building plan for the period 2017-2023.
The global coordinators of the operation are Citigroup Global Markets and Goldman Sachs International.
Aedas Homes is a property developer, headquartered in Madrid, which specialises exclusively in residential construction. Its primary activity consists of investing in buildable land and building housing developments in regions where demand is strong and sustained.
Original story: Observatorio Inmobiliario
Translation: Carmel Drake
The post Aedas Homes Will Make Stock Exchange Debut With Market Cap. Of c. €1,550M appeared first on Aura Real Estate Experts.
Source:: AURA Real Estate Experts