(BFM Bourse) – The investment fund is making significant progress on the Amsterdam Stock Exchange for its first day of trading. For the moment, this is the largest IPO of the year on European soil.
This makes for one of the most anticipated IPOs on European soil. The CVC investment fund is taking its first notable steps on the Amsterdam Stock Exchange, with a share that is up 22.9% at 17.20 euros compared to the price of 14 euros used for this operation. Or the middle of the indicative range, between 13 and 15 euros.
The investment fund thus managed to raise at least 2 billion euros, which currently constitutes the largest IPO on European soil since the start of the year, Euronext recalls.
The operation values CVC at around 14 billion euros, which is in line with the 13 to 15 billion euros, which was reported in mid-April by sources to Bloomberg.
In mid-April, the company unveiled its IPO plan on the Amsterdam Stock Exchange, aiming to “provide a sustainable long-term institutional structure”. The operation is also intended to support CVC’s “long-term growth” and increase “the group’s notoriety among existing and potential customers.”
186 billion euros in assets
The private equity company manages, according to its website, assets representing 186 billion euros with stakes in 125 companies, in very diverse sectors.
CVC is particularly known to the general public for having purchased the Panzani pasta brand from the Spanish group Ebro Foods in 2021. The private equity giant has also taken stakes in Swiss watch brand Breitling and has invested heavily in sports. The company had, for example, acquired a stake in Formula 1 which it then sold to Liberty Media.
The awakening of IPOs in Europe
After two postponed attempts, the third attempt was therefore the right one for CVC. Panzani’s parent company was waiting for a favorable window to launch itself on the stock market. It must be said that the IPO market in Europe will show its best annual start in 2024 since 2021.
Several companies have already jumped into the stock market, such as the German perfume distributor Douglas – of which CVC is a major shareholder – which entered the Frankfurt Stock Exchange at the end of March.
In France, Planisware also took its first steps in April, after also turning back at the end of 2023, citing “difficult market conditions.
The bet is successful for the major IPO of a tech company from OVH. The share price of Planisware, a software publisher for project management, has increased by more than 26% since its inception, compared to the firm price of 16 euros retained for this major operation.
In Spain, Puig, the family fashion and cosmetics group and owner of the Nina Ricci and Paco Rabanne brands, has confirmed that it is aiming for an IPO at the beginning of May.
Sabrina Sadgui – ©2024 BFM Bourse
