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Hg Capital : HGT – IPO of Manx Telecom

Manx Telecom is to IPO on the AIM market (completion of the listing is expected to be on 10 February 2014).  Manx’s shares have been priced at 142p, valuing the business at £160m, and the IPO is fully underwritten at this price. Hg Capital is selling its entire shareholding in the IPO, realising cash proceeds of c£13.1m. This is 2.1x HGT’s cost in summer 2010 and £5.7m more than the valuation at 30 November 2013. All other things being equal, the deal pushes HGT’s NAV up to 1158.5p per share and leaves HGT with £88m in cash.

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