Six Nations owner CVC is targeting a value of up to £13bn (€15bn) when it launches a much delayed float in Amsterdam this week, the firm announced today.
The buyout giant will offer shares in a price range of between €13 and €15, with trading expected to start on Euronext Amsterdam on April 26.
Assuming shares at priced at the midpoint, CVC and its shareholders would raise up to €1.8bn through the sale of new and existing stock, according to a deal term sheet seen by Reuters.
Banks overseeing running the deal for CVC said last week the highly-anticipated debut has already been oversubscribed by investors.
CVC, domiciled in Luxembourg, has amassed a portfolio of €186bn in assets since its foundation in 1981. Its portfolio is made up of some 125 firms, including stakes in Six Nations and clothing firm Bathing Ape.
Despite a tricky two years for the private equity industry, CVC has been on the warpath and last year raised the largest ever private equity fund at €26bn.
As part of the IPO, co-founder Donald Mackenzie is set to step down from the firm. The float could net him a payout of $150m, the Financial Times reported today.
CVC has been looking to launch an IPO for some time but aborted a previous attempt in November due to unfavourable market conditions.
Some have seen the decision to list in Amsterdam as a snub to London, where CVC has its head office. However, Amsterdam has long been seen as the favoured destination due to the euro denomination of its funds and its EU headquarters in Luxembourg
Many have also credited the perceived failure of CVC rival Bridgepoint on London’s market for turning off the private equity giant from ever listing in the capital, as Bridgepoint’s stock price is down 52 per cent from its peak in 2021, the year it listed.