Pan-European Hotel Acquisition Company N.V. (PEHAC), a special purpose acquisition company (SPAC) that invests in European hotel companies, was successfully listed today on the Amsterdam market of NYSE Euronext.
The company raised a total of €115 million in new capital from the sale of 14.375 million shares and warrants at an introductory price of €7.25 per share and €0.75 per warrant. After opening of trade the first market price of PEHAC was €7.60 per share and €0.80 per warrant. Based on a the total number of 17.375 million shares and warrants, total market capitalization of the company at opening price is €146 million.
PEHAC is the first SPAC floating on the European continent and the latest of nine listings on the Amsterdam market this year, which involved placing €2.6 billion in fresh capital. Over €19 billion in market capitalisation has been added to the Amsterdam market so far this year, more than the total additional market capitalisation for the whole of 2006. Since the beginning of the year, a total of €5.6 billion in capital has been placed on the combined Euronext markets, resulting in over €54.6 billion in additional market capitalisation.
“We are delighted to welcome Pan-European Hotel Acquisition Company N.V. to our market. Amsterdam has enjoyed a great deal of success in the area of innovative listings, such as private equity funds, hedge funds and now special purpose acquisition companies, and has become the most popular gateway to the euro market for this fast-growing segment,” said Joost van der Does de Willebois, chairman of the Amsterdam market and member of the Management Committee of NYSE Euronext.
