Thursday 19 October 2017

Denis O'Brien's Digicel files to float on stock exchange

Denis O'Brien
Denis O'Brien
Peter Flanagan

Peter Flanagan

DIGICEL, the telecoms giant owned by businessman Denis O’Brien, has filed paperwork to float on the stock market.

Digicel said it wants to raise $200m  (€142m). That figure however may change ahead of the formal listing.

The firm is being advised by JP Morgan Chase, Barclays, and Citigroup among other banks.

In a statement, the firm said “the number of shares to be offered and the price range for the proposed offering have not been determined”.

“Digicel intends to use the net proceeds of the offering for general corporate purposes, including capital expenditures and acquisitions, and to repay existing indebtedness.

“Digicel intends to list its Class A common shares on the New York Stock Exchange under the ticker symbol ‘DCEL’,” the company added.

Digicel's business is focused in the Caribbean, where it has almost 11m customers. It also has operations in the South Pacific, where it has just under 3m subscribers.

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