Digicel plans IPO in New York

Digicel plans IPO in New York

Caribbean operator Digicel has filed for an initial public offering (IPO) on the New York Stock Exchange.

The company, owned by billionaire Dennis O’Brien, announced its plans to list its Class A common stock on the exchange. The filing includes a nominal fundraising target of $200 million. 

It did not reveal the number of shares the company planned to sell or the price range for the proposed offering. 

Digicel plans to use the net proceeds for the IPO for general corporate purposes, including capital expenditures and acquisitions, and to repay existing debt. 

The Bermuda-based company reported a loss of $157.6 million in the 12-month to the end of March 2015, compared with a profit of $43.5 million in the previous year.

Digicel presently has 13.6 million mobile subscribers in 31 markets in the Caribbean, Central America and South Pacific. The company has sought to expand its broadband and cable TV footprint with its acquisitions of Bermuda Telephone Company (BTC) and Jamaica's Telstar, as well as its purchase of submarine cable assets. 

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