Merlin Entertainments plc. announced on Wednesday that it has set the expected initial public offering price range at between 280 pence and 330 pence per Share, implying a market capitalisation on Admission of between 2.860 billion pounds and 3.335 billion pounds.
The company said it plans to apply for admission of its ordinary shares to the premium segment of the Official List of the UK Listing Authority and to trading on the main market of the London Stock Exchange.
The company announced the commencement of the Global Offer for institutional and retail investors once an approved price range prospectus is published containing full details of the Global Offer.
The company said it will use proceeds from the primary offering of 200 million pounds to reduce the Group's net debt and pay costs associated with the Global Offer.
The company said total size of the Global Offer will deliver a free float of between 20% and 30%.
According to the company, Ordinary Shares representing up to 10% of the Global Offer are also being made available by certain Selling Shareholders pursuant to over-allotment arrangements.
The Global Offer will comprise an offer of Ordinary Shares to institutional investors in qualifying geographies (in the UK and elsewhere); and an offer of Ordinary Shares to qualifying financial intermediaries in the UK, who will facilitate the participation of their retail clients in the UK, the Channel Islands and the Isle of Man.
Merlin, a branded, location-based family entertainment, announced on 21 October 2013 its intention to proceed with the Global Offer.
Merlin operates 99 attractions in 22 countries which attracted more than 54 million visitors in 2012, generating total revenue of 1.074 billion pounds and underlying EBITDA of 346.0 million pounds.
by RTT Staff Writer
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