Inmarsat Group, the satellite company owned by Apax and Permira, has confirmed it is to float on the London Stock Exchange later this month.
The Group hopes to raise £690m, which would make it the biggest UK IPO for 18 months. Neither Apax or Permira will be selling shares in the listing, which will see their stakes triple in value.
Shares are to be priced at between 215 pence and 245 pence per share, giving Inmarsat a market capitalisation of £1.089bn. The money raised will be used to refinance some of the company’s debts, leaving it with between £850m and £900m of debt. The IPO is planned for June 22.
Last year’s revenues were £480.7m and EBITDA was £303.6m. Operating profits reached £159.1m.
Apax Europe V and Permira Europe III own 52% of Inmarsat, and invested as part of a £825m deal in December 2003.