The IPO by French toll highway operator SANEF has raised Ä900 million for 24% of the capital stock in a combined offering of new shares to individuals and institutional investors.
The institutional tranche was about 14 times oversubscribed at a price of Ä41 per share. Retail investors were given a Ä1 discount off the institutional share price.
BNP Paribas Corporate Finance acted as joint book runner for the institutional and retail offerings alongside HSBC-CCF. Exane BNP Paribas achieved one of its best institutional placement results.
Groupe Bruxelles Lambert (GBL), one of Europe’s largest listed holding companies, with a market capitalization of Ä9.7 billion, successfully placed Ä435 million in bonds exchangeable for GBL treasury shares due 17 April 2012. GBL intends to use the net proceeds from the offering for general corporate purposes, taking advantage of attractive market conditions prevailing currently on the equity-linked market.
BNP Paribas Corporate Finance acted as joint lead manager and joint book runner with UBS.