Euros

Euronext valued at EUR1.4 billion

Intercontinental Exchange has set the initial public offering (IPO) price of the ordinary shares of Euronext at EUR20.00 per share valuing the pan-European exchange group at EUR1.4 billion.

Euronext’s ordinary shares will be listed and admitted to trading under the symbol ENX on Euronext Paris, Euronext Amsterdam and Euronext Brussels as of 20 June 2014 (on an “as-if-and-when-delivered” basis). Euronext also intends to list on Euronext Lisbon by the fourth quarter of 2014.
 
Due to strong investor demand, all of the 42,248,881 offered shares were sold in the IPO, representing 60.36 per cent of the total issued ordinary share capital of the company. The IPO was well oversubscribed.
 
Dominique Cerutti, CEO of Euronext, says: “We are very pleased with the success of our IPO, which reflects investors' desire for a strong and independent pan-European market operator. We have a clear strategy of reinvigorating our strong franchises, expanding our range of products and services in key growth areas and a strategic vision for aligning our infrastructure and resources to the scale of our operations.”
 
Jeffrey Sprecher, CEO of Intercontinental Exchange, says: “We are pleased that investors from across Europe and beyond have shown such strong support for Euronext. As an independent company we believe that Euronext will be well positioned to continue its development of market-leading exchanges and pan-European products for issuers and investors to support the real economies of Europe.”
 
40,852,883 shares have been allocated to the institutional offering (EUR817 million or 96.7 per cent of the offered shares) and 1,395,998 shares have been allocated to the retail offering (EUR27.9 million or 3.3 per cent of the offered shares).
 
ICE has granted the joint global coordinators an over-allotment option of up to 4,210,823 additional shares, which can be exercised to cover short positions resulting from any over-allotments made in connection with the IPO or stabilisation transactions.  If the over-allotment option is exercised in full, the IPO will represent 66.37 per cent of the total issued ordinary share capital of Euronext, and ICE will no longer hold any shares in Euronext.
 
A group of institutional investors (acquired on 13 June 2014 an aggregate of 33.36 per cent of the shares at a four per cent discount to the IPO price for a price of EUR19.20 per share.
 
In addition, the company sold 188,296 ordinary shares at EUR16.00 per ordinary share, a 20 per cent discount to the IPO price, to its eligible employees and those of its majority-owned direct and indirect subsidiaries in Belgium, France, the Netherlands, Portugal and the UK.
 
ABN AMRO Bank, JP Morgan and Société Générale are acting as joint global coordinators.  Goldman Sachs International, ING and Morgan Stanley are acting as joint bookrunners. BBVA, BMO Capital Markets, BPI, CM-CIC Securities, Espírito Santo Investment Bank, KBC Securities and Mitsubishi UFJ Securities are acting as lead managers.
 
BNP Paribas is acting as the sole advisor to the Euronext board of directors on all matters related to the IPO.
 
Euronext is the holding company of a pan European exchange group which operates equity, fixed income and derivatives markets in Paris, Amsterdam, Brussels and Lisbon. Euronext also operates Euronext London as a recognised investment exchange in the UK.

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