ABN Amro IPO values bank at $17.9 bn
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20 Nov 2015
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A Dutch state-owned bank, ABN Amro said that its certificate in initial public offering (IPO) has been valued at 17.75 euros each. The Dutch state will raise at least 3.3 billion euros (USD 3.54 billion) in the largest European bank listing since the 2008 financial crisis. At the IPO price, ABN is valued at around 16.7 billion euros (USD 17.87 billion). The Dutch state is selling 20 per cent in the privatisation, or 23 per cent including an over-allotment option, and intends to sell the rest in tranches. Listing of and first trading in the depositary receipts for shares (DRs) on Euronext Amsterdam will commence on Friday 20 November 2015. The total number of Offer DRs allotted pursuant to the Offering is 188 million (excluding the over-allotment option). 10 per cent of the Offering (excluding the over-allotment option) has been allocated to eligible retail investors in the Netherlands. Post IPO, NLFI will hold 77 per cent of the Shares and 3 per cent of DRs if the over-allotment option is not exercised or 77 per cent of the Shares if the over-allotment option is exercised in full. NLFI and ABN AMRO have agreed to a lock-up period of 180 days from the Settlement Date, subject to certain exceptions. ABN AMRO Bank N.V., Deutsche Bank AG, London Branch and Morgan Stanley & Co. International plc are acting as joint global coordinators and, together with Barclays Bank PLC, Citigroup Global Markets Limited, Co?peratieve Centrale Raiffeisen-Boerenleenbank B.A., ING Bank N.V., J.P. Morgan Securities plc and Merrill Lynch International, as joint bookrunners for the Offering. |
| Source: Dion Global Type: IPO Related |
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