Belgian infrastructure investor raises 110 million in IPO

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Belgian infrastructure investor raises 110 million in IPO

Belgian infrastructure investment company, TINC Comm. VA, has raised €110 million (US$124 million) in its Initial Public Offering (IPO) on Euronext Brussels.

Specifically, TINC has raised the expected €110 million at a final offer price of €11, which is within the announced price range of €10.40 and €11.40. Thus, the market capitalization of TINC at IPO amounts €141 million based on the base offering and €150 million including the over-allotment option.

The first listing of the shares on the regulated market of Euronext Brussels took place on 12 May 2015.

With a total demand of €182 million the base offering of 95.77 million was 1.9 times oversubscribed. The demand from retail investors exceeded 2.5 times the reserved portion of 40% of the offering. Primarily Belgian retail and institutional investors participated in the IPO, alongside institutional investors from a.o. The Netherlands and France.

The gross proceeds of the offering amount to €110 million of which €78 million is attributable to TINC and €32 million to the selling shareholders.

Manu Vandenbulcke, CEO TINC, stated:

"We are very pleased that the IPO of TINC is widely supported by savers and institutional investors, and that this new asset class is welcomed with enthusiasm on Euronext Brussels. The IPO gives us the strength to expand our investment portfolio, thus consolidating a solid basis for a sustainable dividend to our shareholders. We want to thank our new investors for their confidence and thank our existing investors for many years of commitment. This successful project is also the result of a close collaboration with many partners, whom we also like to thank for their support. We look forward to the continuation of this cooperation."

Marc Vercruysse and Peter Vermeiren, respectively Gimv and Belfius, about the IPO:

"We are delighted with this successful IPO, with which we have created a tool to mobilize savings to invest in community infrastructure. As principal shareholders and in collaboration with the board of directors we continue to support the management team and remain strongly committed to TINC. We look forward to take the next step towards further growth."

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