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Home > News > Corporate news > 9th May, 2006
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9th May, 2006
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Bateman Litwin Announces IPO Offer Price Range of 180 To 215 Pence Per Ordinary Share.
9th May, 2006
Bateman Litwin N.V. (“Bateman Litwin” or “the Company”), an international provider of engineering, contracting and project management services for clients in the oil & gas, power and chemical industries, today announces the offer price range for its initial public offer (“IPO” or the “Offer”) and its admission to the AIM market operated by the London Stock Exchange. The offer price range has been set at 180 to 215 pence per ordinary share implying a total offer size of £55 million (approximately US$101 million) and a fully distributed market capitalisation of £190 million (approximately US$355 million) at the midpoint of the range. Bookbuilding will commence today.
The Offer comprises 16.5 million newly issued shares and up to 11 million shares being sold by the existing shareholder. Primary net proceeds of approximately £30 million (approximately US$55 million) at the midpoint of the range will be used by the Company to make complementary acquisitions, to support the Company’s plans to penetrate new markets primarily in Asia and the Gulf Region and to enhance its existing bonding facilities.
The Offer is being made by way of an offer to certain institutional investors in the United Kingdom and to certain qualified institutional investors in the rest of the world. The Offer will be made outside the United States in reliance on Regulation S under the US Securities Act of 1933, as amended.
Under the Offer, all ordinary shares will be sold at the offer price (the “Offer Price”) which will be determined by the Company in consultation with Credit Suisse Securities (Europe) Limited (“Credit Suisse”). The Offer Price is expected to be announced and it is expected that dealings in the ordinary shares will commence on a conditional basis on 18 May 2006. It is currently expected that the Offer Price will be within the offer price range, although it may be set below or above this range. Admission to the AIM market is expected to take place and unconditional dealings in the ordinary shares are expected to commence on 23 May 2006. These dates may change.
Credit Suisse is acting as Sole Bookrunner in the offering, Nominated Adviser and Broker to the Company. Bridgewell Securities Limited and Poalim Capital Markets Ltd are acting as Co-Lead Managers in the Offer. In connection with the Offer, the existing shareholder is expected to grant Credit Suisse an over-allotment option, exercisable for a period of 30 days after the date of the publication of the Offer Price, equal to 10 per cent of the Offer size for the purpose of meeting over-allotments, if any, and to cover short positions resulting from stabilisation actions undertaken by Credit Suisse.
Commenting on today’s announcement, Shuki Raz, Bateman Litwin Chief Executive Officer said:
"Bateman Litwin is experiencing strong growth throughout its target markets in the oil & gas, power and chemical sectors. With global demand for oil & gas infrastructure, clean power generation and advanced chemical technology set to remain strong for the foreseeable future, our IPO offers investors the opportunity to share in the growth potential of these sectors and the demand for the services Bateman Litwin provides."
Further details will be communicated in due course.
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