BNP Paribas Securities Services in Brussels was recently appointed by Belgacom (the Belgian state-owned telecoms firm) as Financial Agent for the deposit of the global certificate relating to the company’s IPO. Belgacom’s listing on Euronext Brussels was a complete success, and the company was added to Euronext Brussels’ main index (BEL 20) on March 29th.
The Securities Services team supervised the initial deposit at the CSD on behalf of the Issuer and co-ordinated the settlement for the four Institutional Lead Managers (Goldman Sachs International; Lehman Brothers, Morgan Stanley; UBS Investment Bank) and the two Retail Lead Managers (Dexia and KBC).
With a value of over EUR 3 billion, this IPO is the largest ever for Euronext Brussels and one of the ten largest in the Euronext zone for the last 4 years. The market capitalisation of Belgacom is estimated at around EUR 10 billion. The settlement rate of the initial placement was particularly high for a deal of this size, reflecting the effort that the Brussels team put into making the transaction a success.