Shares in CVC jump on market debut
By Abigail Townsend
Date: Friday 26 Apr 2024
(Sharecast News) - Shares in CVC Capital Partners sparked on Friday, as trading got underway in the European private equity firm.
The offer price was set at €14, giving CVC a market debut of €14bn. But strong demand for the market debut saw trading on Euronext Amsterdam get underway at €17.34.
The initial public offering was multiple times oversubscribed and is on course to be one of Europe's biggest this year.
CVC, which has around €186bn in assets under management, said it expected to receive gross proceeds of €250m from the market debut, based on the offer price.
Founded in the 1990s by a group of former Citibank executives, CVC has since grown to become of Europe's largest private equity firms.
It has invested in a range of companies and organisations, from luxury watchmaker Breitling to Spanish football league La Liga.
As well as issuing new shares, existing shareholders - including sovereign wealth funds CIC and Kuwait Investment Authority as well as co-founder Donald Mackenzie - are selling down their stakes.
Proceeds from the IPO will be used to fund further growth, including acquisitions.
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