Euskaltel $1.3 billion Bolsa Madrid IPO

Overview:

• Basque-based telecommunications company Euskaltel launched a €1.2 billion ($1.3 billion) IPO on the Bolsa de Madrid, Spain's largest stock exchange.
• The IPO priced at €9.50 euros per share, and shareholders—including International Cable and Kutxabank—sold 64% of the company, excluding a so-called over-allotment option.
• Spain’s economy is in recovery mode as demand increases for wireless web browsing and on-line video and music services. The Spanish phone and broadband market has been consolidating after Vodafone Group bought Ono and Orange bought Jazztel. 
• Euskaltel provides phone and internet services to over 870,000 households and almost 150,000 businesses. The name Euskaltel derives from the word Euskad, the name for the Basque Country in the local language.

Adam Majeed - Regional editor