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CAAP entertains US IPO ambitions
Posted on Wednesday, 10 January 2018 14:42
Corporación América Airports (CAAP) is keeping investors on tenterhooks by slowly leaking details of its upcoming initial public offering in the US that gives exposure to the world’s largest private sector airport concession operator.
The Luxembourg-incorporated company is selling 11.90 million new shares alongside 16.67 million existing stocks put on the block by parent ACI Airports, which is ultimately controlled by Liechtenstein-organised Southern Cone Foundation (SCF).
When taking into account the possible exercise of the overallotment option, investors are being given a chance to subscribe for almost a fifth of CAAP’s enlarged capital.
It has not yet revealed the expected price range for the listing and the aggregate value of USD 100.00 million cited in the prospectus is merely a placeholder used to calculate registration fees and so the final amount raised could change.
Proceeds will pay down debt and fund the equity portion of its capital expenditure programmes in existing concessions, as well as the acquisition of additional rights.
CAAP was established by SCF when the foundation decided to reorganise all of its aeronautical business operations under ACI and transfer all non-related activities to other affiliates.
Today, the group is a leading acquiror, developer and operator of concessions in these transportation hubs, and also claims to be the tenth largest private sector airport operator in the world based on passenger traffic.
It currently has 52 airfields globally in Latin America, Europe and Eurasia, and, since 1998, when it bought commercial rights to the management and operation of 33 locations in Argentina, has expanding into Armenia, Uruguay and Peru, among others countries.
For the nine months ended 30th September 2017, CAAP had total consolidated revenue of USD 1.20 billion, income from continuing operations of USD 72.60 million and adjusted earnings before interest, tax, depreciation and amortisation of USD 354.70 million.
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