Slovak Telekom launches IPO
22 April 2015 |
The Slovak government has launched an initial public offering of its 49% stake in Slovak Telekom as it seeks to raise up to €1 billion.
This follows an announcement earlier this month that the Slovakian government was planning to sell its stake through an IPO on the London and Bratislava stock exchanges.
The price range for the IPO will be offered on the Bratislava Stock Exchange and London Stock Exchange at €17.70-€23.60 per share. The London listing will be in the form of global depositary receipts (GDRs).
The offering is expected to raise up to €1 billion, according to Slovak Telekom. The offer price range values the company at between €1.5 billion and €2 billion.
“We look forward to meeting prospective investors over the coming weeks to share our plans to leverage our network advantage in the Slovak telecoms market to capitalise on the growth potential we see in high speed broadband, Pay TV, ICT and mobile data by bundling and cross-selling premium services and content to our large subscriber base,” said Miroslav Majoroš, Slovak Telekom’s CEO.
The offer for institutional investors starts April 21 and will close May 6. For retail investors, it begins April 22 and is scheduled to close May 5.
Deutsche Telekom intends to retain its 51% stake in the operator and does not plan to sell shares in the offering.