European cross-border exchange Euronext has completed its IPO with shares priced at EUR24, at the bottom of the EUR24 - EUR27.5 price range, valuing the company at EUR2.8 billion.
The size of the offering was EUR 693 million, consisting of 16.7 million new shares and 12.2 million existing shares (excluding the employee offering). As a result of the IPO, the company raised EUR400 million in new money that can be used for acquisitions.
"Over the last few weeks we have met a great number of institutional investors around the world and we have received significant support for both our IPO and our business model. We welcome our new shareholders and, as a listed company, look forward to delivering our strategy", says Euronext CEO and chairman Jean-François Théodore.
Trading in Euronext's common stock is expected to begin 10 O'clock today on the Premier Marché of Euronext Paris, with trading facilities in Belgium and the Netherlands until the unified trading and clearing platforms are implemented and the different settlement platforms are linked.
Euronext was created in September 2000 by the merger of the exchanges in Paris, Amsterdam and Brussels. It is one of a number of European exchanges selling shares in anticipation of a rush to consolidation in the industry. The London Stock Exchange is next to market, with a full listing on its own exchange scheduled for later this month.