Digicel not progressing with IPO at this time

HAMILTON, Bermuda– Digicel has decided not to proceed with its planned initial public offering at this time. 

In a release, the company said 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.

Chairman 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.”

“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,” he said. (PR)