London-based private equity firm CVC Capital Partners has set an initial public offering range of €13 to €15 for its shares, valuing the business at between €13bn and €15bn, with a plan to begin trading on Euronext Amsterdam on Friday.
CVC, which was founded in 1993, is aiming to sell up to 10m shares, with a successful listing set to make it the largest private equity firm to go public since TPG in early 2022.
CVC, which has tried going public twice before but delayed its plans due to Russia’s invasion of Ukraine and then the Isarel-Gaza conflict, would also become Europe’s second most-valuable listed PE firm behind Sweden-based EQT.
CVC is raising €1.25bn from the float, with €1bn of shares sold by existing shareholders including ex-employees; GIC, the Singaporean sovereign wealth fund; the Kuwait Investment Authority; and a fund owned by China. The €250m balance will come from the sale of new shares.
