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DIGICEL HAS ANNOUNCED that it will not be making its initial public offering on the New York Stock Exchange.
The company had been expected to float in the coming days and this would have been the largest IPO ever by an Irish-connected company.
In a statement this evening, the company announced that weak stock market conditions, specifically related to emerging markets, had prevented it going forward with the move.
Digicel said that it had received significant support from what it called a “high quality group of investors”.
The company has not ruled out making its IPO at some point in the future.
What could it have made?
The company had intended to offer 124 million shares in the company for between $13 and $16 each (€11.50 and €14.20).
This would have given the company a valuation of between $1.6 billion and $2 billion (€1.42 billion and €1.78 billion).
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Commenting on this, chairman of Digicel Denis O’Brien said, “Given our growth outlook, an IPO for Digicel was optional and predicated on achieving fair value for the company.
Recent volatility in equity markets has seen a number of IPOs listing at a discount to their signalled price range and this was a less attractive route for us.
He went on to say that following a $1.5 billion (€1.33 billion) investment in the company over the past three years the company is at a key stage of its growth and would continue to be in a strong position to perform well in its areas of interest.
The company is a leading provider of communications services in 21 markets in the Caribbean and South Pacific regions.
It was launched in Jamaica in 2001 and quickly became the country’s market leader.
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Another massive failing of Enda’s reign… The people voted to keep the Seanad so Enda threw all the toys out of the pram and did nothing to reform it.
The people voted to keep the Seanad to spite Enda.
Yeah… That’s why he’s been such a baby about it,
that is reverse psychology at its best !!!
Enda never promised reform – the people who wanted to retain it did. Was it 1979 the referendum was passed to expand it to a greater electorate?
I know I did.
I voted for reform, Enda had absolutely nothing to do with my decision.
I believe we need two Houses as a “check and balance” but I want to see voting opened to more people and reduce then number of party appointments.
And I suspect if you asked most who voted to retain they’d have the same reasons.
How does the Seanad provide a “check and balance”? The Seanad has no powers to veto legislation and, based on Taoiseach’s nominees, will always have a government majority?
It doesn’t as it stands now.. That’s why it needs reform. Just getting rid of it would give whatever government was sitting in the Dail too much power.
The Seanad needs to be strengthened and democratised, not abolished, in my opinion.
No, it was actually Chuck Norris. He got them over a decade before Twitter was invented
Yera I got a billion re twitters the other day.
Norris is a total slieveen
The Seanad. Jobs for the boys. All around back scratching, brown nosing, secret handshakes. Get rid of it.
We didn’t want to get rid of it. We had a vote, remember?
Would love to see the seanad voluntarily filled..with travel expenses limited to 10k per annum…separate those who want to serve..from those who want to take..how many former TDs would be lining up?
See, I have a problem with making politics only possible for those that are independently wealthy.
I don’t want only rich people in politics.
There is a balance to be found where a position in politics is possible irrespective of your financial ability.
In a perfect world, all (qualified) citizens should be “drafted” to do, say 2 years in politics. Force us all to participate in the running of our society.
Sick of the gobshutes on this caraval of its mee it’s mee
It’s me.
How,did we make such a big mistake? Totally un democratic.
Really, you actually fact-checked Sabina Brennan’s qualifications?
David Norris told personally before that he’s almost completely IT illiterate and doesnt wrote his own Tweets
“joint Oireachtas committee members also get bonuses of between €792 and €5,989. ” http://www.oireachtas.ie/parliament/tdssenators/salariesallowances/salaries/
Committee Chair person do not committee members
have your say