Digicel Drops Plans for a Stock Market Listing
Published on: 15th Oct 2015
Note -- this news article is more than a year old.
Caribbean based Digicel says that it has decided not to proceed with its planned IPO at this time.
The company said that despite significant support for the IPO from a high quality group of investors during the marketing period, current conditions, particularly in emerging markets, have impacted transaction momentum over recent days.
Commenting, Denis O'Brien, Chairman, Digicel said: "Given our growth outlook, an IPO for Digicel was optional and predicated on achieving fair value for the company. Recent volatility in equity markets has seen a number of IPOs listing at a discount to their signalled price range and this was a less attractive route for us."
"Digicel is now at a key juncture in our growth story following a $1.5 billion investment programme over the past three years; we generate strong and growing free cash flow and we have no material debt maturities until 2021. Our growth plans remain unchanged and we remain in a strong position to exploit areas of interest in: Data, Business Solutions, Cable TV and Broadband."