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|JCDecaux IPO Priced At €16.5 Per Share|
Paris, 21 June 2001 - JCDecaux SA (JCDecaux, Euronext Paris: DEC), one of the world's leading outdoor advertising groups and the largest in Europe, announced today the successful completion of its initial public offering.
The offering price was fixed at €16.5 per share, valuing the company at over €3.6 billion, including the capital increase. In the combined primary/secondary offering which raised gross proceeds of €1 billion and which was more than 1.5 times subscribed, 60.6 million shares were sold, representing 27.4% of JCDecaux's enlarged share capital. Over 2.5 million shares were placed in the French retail offer to over 23,000 individuals. In addition, JCDecaux has granted the underwriters an option (the “greenshoe option”) to purchase up to an additional 9.1 million shares representing 15% of the total number of shares offered to cover over-allotments, if any.
JCDecaux will receive cash proceeds from the primary offering of approximately €670 million net of fees and expenses, before any exercise of the greenshoe option. JCDecaux will use the primary proceeds to fund new street furniture concessions, to make strategic acquisitions and to pay down a portion of its existing debt. The listing will also allow JCDecaux to provide incentives to its employees through a global stock-option plan.
Commenting on the flotation, Jean-François Decaux, Chairman and Co-CEO of JCDecaux said:
“We are very pleased to announce the successful completion of our initial public offering – one of the largest in Europe this year -- which was completed notwithstanding very difficult stock market conditions. The primary objective of our listing is strategic: it will provide JCDecaux with opportunities for further growth in the outdoor sector – a growing market with strong potential and in which, as one of the global leaders, we are particularly well-positioned. The company is delighted to have secured a high-quality, international shareholder base, and looks forward to creating value for our new shareholders.”
JCDecaux shares are expected to start trading on June 22 on the Premier Marché of Euronext Paris.
Goldman Sachs International acted as Sole Global Coordinator and Bookrunner of the offer, with BNP Paribas as Co-ordinator for the French retail offering.
This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any country in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
Securities may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. JCDecaux does not intend toregister any portion of the planned offering in the United States or to conduct a public offering of securities in the United States.
Goldman Sachs International is acting for JCDecaux and no-one else in connection with the offering and will not be responsible to any other person for providing the protections afforded to customers of Goldman Sachs International or for providing advice in relation to the offering.
JCDecaux enjoys leading positions in all of its three key activities:
With a total of 515,0000 advertising panels, JCDecaux reaches more than 120 million people worldwide via its outdoor network every day. The Group's future is increasingly international and its aim is to continue its development in Europe and grow its presence in the major cities in North and South America and the Asia-Pacific region.
For further information:
Cécile Prévot , Investor Relations