ONO considers IPO in Spain
Spanish cable operator ONO is reportedly considering an IPO for some of its shares for the first half of 2014, with the move expected to speed up consolidation in the Spanish telecoms market.
According to reports, ONO’s management is keen to take advantage of a renewed interest in Spanish assets from overseas investors, with the country’s economy performing better of late.
It will be the second IPO of a European cable company in a few months, after France-based Numericable raised €652.2 million to repay debt and upgrade its network.
It is thought ONO has seen the higher demand for Numericable shares in France, which has led to them pushing ahead with the listing.
According to local reports, the company could offer shares, in addition to a capital increase which is likely to be discussed at the company’s next board meeting. ONO has previously stated it is open to going public.
ONO’s fibre-optic infrastructure could be an attractive selling point for the company, particularly with operators keen to leverage sales in high-margin data services.
Vodafone and Orange are touted as likely bidders, as they try to capture a larger market share in Spain to compete with Telefónica.