Amadeus launches IPO; company valued at €7.3-€8.4 billion

Amadeus IT Holding launched its IPO on the Spanish stock exchanges in Madrid, Barcelona, Bilbao and Valencia yesterday following approval and registration of its prospectus by the Spanish Financial Securities Markets Regulator.

It set an indicative per-share price range of between €9.20 ($12.50) and €12.20, giving it an enterprise value (equity plus debt) of between €7.3 billion and €8.4 billion.

The IPO includes a primary offering of approximately €910 million in new shares, proceeds of which will be used to reduce debt, and a secondary sale by current shareholders raising €339.5 million-€450.2 million. Iberia will not sell its 11.57% stake in the company, whereas Amadeus's two other airline shareholders, Air France KLM and Lufthansa, which hold respectively 23.14% and 11.57%, will divest their shares. The expected date for the start of trading is April 29.

"Amadeus is a diverse, robust and resilient travel transaction processing and technology solutions business, and we are the clear global leader in our marketplace," President and CEO David Jones commented. "We have a track record of delivering profitable growth and have a sound strategy to continue our development into the future."