CVC Confirms Amsterdam IPO Plan, to Raise EUR250 Mln in New Funds
CVC Holdings said it plans to float on Euronext Amsterdam, confirming a Wall Street Journal report on Sunday.
The global buyout firm said Monday that it plans to raise 250 million euros ($266 million) in new money as part of the initial public offering, which also includes the sale of shares by some existing shareholders, taking the offering to a minimum of EUR1.25 billion.
CVC will use the new money raised toward growth, including acquisitions, it said.
The IPO is expected to take place in the coming weeks, subject to market conditions and other relevant considerations, CVC said.
“We believe an IPO of CVC provides an enduring long-term institutional structure to support further growth; we remain completely focused on the continued success of CVC,” Chief Executive Rob Lucas said.
On Sunday, The Wall Street Journal reported that CVC, which is planning to change its name to CVC Capital Partners, was planning the Amsterdam share sale in the latest sign of a pickup in IPOs.
CVC manages about EUR186 billion in assets under management and had 1,154 employees as of Dec. 31.
The company generated revenue of EUR1.09 billion in 2023 and adjusted earnings before interest, taxes, depreciation and amortization of EUR650 million.
It plans to pay EUR225 million in dividends this year. Dividends will be paid twice a year.
The firm pulled a previous IPO attempt in November, as the outbreak of war in the Middle East weighed on an already jittery market. Conditions have since improved, with rallying stock markets helping fuel a rebound in new listings in Europe and the U.S., from companies such as social-media firm Reddit and Swiss skin-care specialist Galderma.