ContourGlobal Prices IPO of Shares for USD579.1 Million

Published: Nov 09 2017
Deal Summary

ContourGlobal L.P., a power generation company, has priced its initial public offering (IPO) of 176,425,103 shares at a price of GBP2.5 (USD3.28) per share for gross proceeds of GBP441.06 million (USD579.12 million). The company will list its shares on London Stock Exchange under the symbol ‘GLO’.

In addition, the company has granted Goldman Sachs International, as stabilizing manager, an over-allotment option to purchase upto up to 26,463,765 shares, representing approximately 15% of the global offer. The company will raise GBP507 million (USD665.7 million) if the over-allotment option is exercised in full.

The offer includes 122.4 million of new shares and 54.03 million of existing shares. The IPO includes existing shares held by major shareholder Reservoir Capital Partners.

The company intends to use the proceeds from the offering to further strengthen its balance sheet and provide flexibility for future growth.

J.P. Morgan Cazenove Limited and Goldman Sachs Group Inc are acting as joint global co-ordinators while BNP Paribas SA, Citigroup Global Market Limited, Morgan Stanley & Co. International plc and RBC Capital Markets LLC are acting as joint bookrunners to the company for the offering. NM Rothschild & Sons Limited is acting as financial adviser to the major shareholder

Deal History:

Planned: On October 12, 2017, ContourGlobal intended to issue new shares for gross proceeds of approximately USD400 million in an IPO.

Rumor: On August 29, 2017, ContourGlobal intended to issue shares for gross proceeds of up to USD1 billion in IPO, as reported by Bloomberg, citing people familiar with the matter.

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