Digicel in an announcement confirmed that it has decided not to proceed with its planned IPO for time being. The largest mobile operator in the Caribbean Islands is earlier reported to be planning the flotation of the company on the New York Stock Exchange, hoping to raise as much as $2.3 billion.
Digicel cited that despite significant support for the IPO from a high quality group of investors during the marketing period, current conditions, particularly in emerging markets, have impacted transaction momentum over recent days.
Digicel statement on postponing IPO. In fairness, number of recent US floats trading under IPO prices. pic.twitter.com/5ZNuNeYbNR
— Ian Guider (@ianguider) October 6, 2015
Denis O’Brien, Chairman, Digicel
Digicel is now at a key juncture in our growth story following a $1.5 billion investment programme over the past three years; we generate strong and growing free cash flow and we have no material debt maturities until 2021. Our growth plans remain unchanged and we remain in a strong position to exploit areas of interest in: Data, Business Solutions, Cable TV and Broadband.
