This price implies that Cintra´s market capitalisation totals 3.699 billion euros and that, after the capital increase but before the greenshoe, it will be 4.047 billion euros
Cintra´s market debut is slated for 12.00 hours (Spanish time) on 27 October
The primary and secondary public offerings totalled 186,475,841 shares (before the greenshoe); the secondary public offering amounted to 1.537 billion euros
If the greenshoe is exercised, the total number of shares will increase to 205,123,425 and the secondary public offering will amount to 1.690 billion euros
Upon completion of the offering, Ferrovial will own 59.76% or, if the greenshoe is exercised, 62.03% of Cintra and the rest will be free float
Cintra currently manages 16 toll road concessions in Spain, Portugal, Ireland, Canada and Chile, and over 200,000 parking spaces. It recently entered the US market with the concession to operate the Chicago Skyway
Cintra, one of the world´s largest private-sector road infrastructure developers, has set an IPO price of 8.24 euros per share, i.e. the low end of the non-binding indicative price range of between 8.24 and 8.80 euros per share.
According to Juan Béjar, Cintra´s CEO, the price meets the shareholders´ target since the start, i.e. to float at an attractive price with a discount on the market consensus valuations.
Based on the IPO price, Cintra´s market capitalisation totals 3.699 billion euros and, after the capital increase but before the greenshoe, it will be 4.047 billion euros.
The primary and secondary public offerings amounted to 186,475,841 shares (before the greenshoe); the secondary public offering totalled 1.537 billion euros. If the greenshoe is exercised, the total number of shares will increase to 205,123,425 and the secondary public offering will amount to 1.690 billion euros. Cintra will be one of Europes largest IPOs in 2004.
Upon completion of the offering, Ferrovial will own between 59.76% and 62.03% of Cintra (depending on the greenshoe) and the rest will be free float.
The market debut is slated for 12.00 hours on 27 October 2004. Cintra has applied to be listed on the Madrid, Barcelona, Bilbao and Valencia stock exchanges and to be included in the Sistema de Interconexión Bursátil (electronic market).
Cintra, one of the world´s largest private-sector transport infrastructure developers
Cintra bids for and manages toll roads in Spain and other countries, and it is one of the world´s largest private-sector road infrastructure developers, with over 1.5 billion euros of committed equity in concession companies.
Cintra currently manages 16 toll road concessions (a total of 1,600 kilometres) in Spain, Portugal, Ireland, Chile and Canada. It has a 99-year concession for the 407 ETR (Express Toll Route) in Toronto which, with an overall investment of 2.4 billion euros, is Canada´s largest-ever privatisation and the largest investment in a foreign toll road headed by a Spanish group.
Last week, Cintra obtained the concession to operate the Chicago Skyway toll road, with an investment of 1.820 billion dollars (1.470 billion euros), marking its entry into the USa strategic market in Cintra´s expansion plans. According to Juan Béjar, the transaction is fully coherent with Cintra´s strategic objectives for business expansion. It is a significant investment in a long-term agreement (99 years) in which we own a controlling stake, in a country with a stable political and economic policy.
Cintra manages over 200,000 parking spaces in 124 cities in Spain, Andorra and Puerto Rico. It operates in all segments of this industry: off-street car park development and operation; parking meters and on-street car park management; and development and sale of private car parks, as well as the provision of a number of additional services, such as supply and maintenance of control equipment.
(This document is not an offering of securities or a solicitation for the acquisition of securities in the United States. The shares of Cintra Concesiones de Infraestructuras de Transporte, S.A. (Cintra) cannot be offered or sold in the United States or for, or on behalf of, or for the benefit of United States persons (as defined in Rule S under the US Securities Act of 1933, as amended), unless those shares are registered in accordance with the US Securities Act of 1933 or are exempt from registration. The shares have not been and will not be registered in accordance with the US Securities Act of 1933. Neither this document nor any copy of it may be taken or transmitted to the United States, Canada or Japan nor may it be distributed, directly or indirectly, in the United States, Canada or Japan or to a resident in any of those countries).