Sprint debut in Amsterdam for Cvc fund, largest European IPO 2024
The admission and issue price was EUR 14 per share, the midpoint of the range initially assumed, and the market capitalisation at debut was EUR 14 billion
2' min read
2' min read
(Il Sole 24 Ore Radiocor) - An accelerating debut for Luxembourg-based investment fund Cvc Capital Partners on the Amsterdam Stock Exchange, in what is Europe's biggest IPO since 2024. The stock of the group, one of Europe's largest investment companies, opened at EUR 17.1 per share (+22.1%) and then rose to EUR 17.39 per share (+24.2%), before settling at EUR 17.3 (+23.5%). As stated in a note from Euronext, which 'congratulates itself on the successful listing', the admission and issue price of Cvc shares was set at EUR 14 each, the midpoint of the range between EUR 13 and EUR 15 initially assumed, and the market capitalisation at debut was EUR 14 billion.
At the beginning of the month, Cvc had unveiled plans to list new shares and those held by its major shareholders, hoping to raise a total of at least EUR 1.25 billion. The actual result was higher: during the IPO the company raised EUR 250 million through the issuance of new shares, a figure that rises to EUR 2 billion if one adds what was raised from the sale of existing shareholders' shares (with the full exercise of the over-allotment option the figure could reach EUR 2.3 billion).
As it says, 'this is the twelfth listing of the year on Euronext and the largest IPO in Europe so far in 2024'. Cvc explained that 'the objective is to use the proceeds of the IPO to create an institutional structure that will be able to last over the long term to support the group's strategy'. In addition, the company stated that the transaction will provide it with 'greater visibility with existing and potential customers'.
