ECI Telecom hopes to raise $230 million IPO to assist 5G opportunity
ECI Telecom Group intends to float on the main market of the London Stock Exchange, with the aim of raising $230 million in its initial public offering (IPO) for future investments, debt reduction and an increase in its brand profile. The company would also use the funding to help capture the opportunity represented by 5G.
The number of new shares to be issued, as well as the price per share have yet to be revealed as the book building process takes place. Admission is expected to take place in late October, according to the London Stock Exchange. Barclays Bank PLC and UBS will act as joint bookrunners and global co-ordinators for the IPO, and Canaccord Genuity as joint lead manager.
In addition, an overallotment option of existing shares equal to up to 15 per cent of the total offer may be made available by selling shareholder, ECI Holding.