The indicative price range is between EUR 24.0 and EUR 27.5, valuing the company at between approximately EUR 2.8 and EUR 3.1 billion (after the capital increase but not including the employee offering and pre over-allotment option shares).
Based on the indicative price range, the offering will total between EUR 693 and EUR 780 million. It will consist of a capital increase of EUR 400 million, representing between 14.5 and 16.7 million new shares, and the sale of between 12.2 and 13.8 million existing shares in order to allow a minimum free float of 25% resulting directly from the offering.
An over-allotment option of up to 4.3 million new shares, representing up to 15% of the offering is envisaged. If fully exercised, it would bring the total number of shares offered up to between 32.6 and 33.2 million shares, not including the employee offering.
Concurrently, in a separate employee offering, up to 3.5 million additional new shares will be offered to Euronext employees at 80% of the final issuing price.
The shares will be traded on Euronext Paris with trading facilities in Belgium and the Netherlands until the unified trading and clearing platforms are implemented and the different settlement platforms are linked.
“Through our successful merger last year, we have created the first cross-border European exchange. In an industry that is changing rapidly, we intend to capitalise on this success. We believe that further consolidation is inevitable and our IPO, combined with our open business model, is an important step in ensuring that we remain at the forefront of our industry”, Euronext’s Chairman and Chief Executive Officer Jean-François Théodore commented.
Euronext shares will be offered simultaneously to individual investors in France, Belgium and the Netherlands in an Open Price Offering (OPO) and to international institutional investors in a Global Placement.
The retail tranche will consist of a minimum of 10% of the shares offered, but the offering is designed for maximum flexibility between the Global Placement and the OPO. “Our intention is to have as many retail shareholders as possible”, Mr Théodore said. “We will seek a balanced treatment of all shareholders during the Offering”, Mr Théodore added, pointing out that retail investors were a particularly important investor group for Euronext.
Euronext shares will be offered from June 21 and the offering is expected to close at 5.00pm, July 4. The price is expected to be published on July 5 and the first day of trading is expected to be on July 6.
ABN AMRO Rothschild and BNP Paribas are joint global co-ordinators of the offering.
ABN AMRO Rothschild, BNP Paribas and UBS Warburg are bookrunners and joint lead managers for the global institutional offering.
Société Générale, ABN AMRO Rothschild and BNP Paribas are joint lead managers for the retail offering in France, Belgium and the Netherlands.
Co-lead managers for the international institutional offering include SG Investment Banking, Crédit Agricole Indosuez Lazard, Fortis, ING Barings, Oddo Pinatton and Schroder Salomon Smith Barney.
Crédit Lyonnais, HSBC CCF, ING Barings, KBC Securities, Natexis Capital, and Rabo Securities are co-lead managers of the retail offering.
