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Intercontinental Exchange (NYSE: ICE), the leading global network of exchanges and clearing houses, announced yesterday the pricing of the initial public offering (IPO) of the ordinary shares (the Shares) of Euronext N.V. (Euronext or the Company), the pan-European exchange group with roots dating back to the 17th century. It trades currency futures on the Amsterdam portion of the exchange.
Euronext’s ordinary shares will be listed and admitted to trading under the symbol “ENX” on Euronext Paris, Euronext Amsterdam and Euronext Brussels as of June 20, 2014 (on an “as-if-and-when-delivered” basis). Euronext also intends to list on Euronext Lisbon after the IPO.
- IPO price set at €20 per Share.
- All of the 42,248,881 offered Shares were sold in the IPO, representing 60.36% of the total issued ordinary share capital of the Company.
- Listing and first trading in the Shares (on an “as-if-and-when-delivered” basis) on the regulated markets of Euronext in Paris, Amsterdam and Brussels under the symbol “ENX” are expected to commence on June 20, 2014.
- Euronext intends to list on Euronext Lisbon after the IPO and before the fourth quarter of 2014.
Retail Offering and Institutional Offering
- 40,852,883 Shares have been allocated to the institutional offering (€817 million or 96.7% of the offered Shares) and 1,395,998 Shares have been allocated to the retail offering (€27.9 million or 3.3% of the offered Shares).
- ICE has granted the joint global coordinators an over-allotment option of up to 4,210,823 additional Shares, which can be exercised to cover short positions resulting from any over-allotments made in connection with the IPO or stabilization transactions. If the over-allotment option is exercised in full, the IPO will represent 66.37% of the total issued ordinary share capital of Euronext, and ICE will no longer hold any shares in Euronext.
- A group of institutional investors (the Reference Shareholders) acquired on June 13, 2014 an aggregate of 33.36% of the Shares at a 4% discount to the IPO price for a price of €19.20 per Share.
- In addition, the Company sold 188,296 ordinary shares at €16 per ordinary share, a 20% discount to the IPO price, to its eligible employees and those of its majority-owned direct and indirect subsidiaries in Belgium, France, the Netherlands, Portugal and the United Kingdom.