According to a brochure approved this week by the regulator (CNMV), Cepsa will offer in the stock market between 25% and 28.7% of its capital through a public offering directed exclusively at institutional investors valued at a maximum of almost 8.1 billion euros – below the 10 billion euros estimated by analysts.
The group has fixed a price range for its return to the stock market of between 13.1-15.1 euros per share, with which its single shareholder, Mubadala (Abu Dhabi Sovereign Fund), expects to raise up to 2.019 billion euros for the capital of the oil company put up for sale, which implies a value for the company in the range of 7.010 – 8.085 billion euros (more than 11.2 billion euros if the debt is included).
Cepsa anticipates paying out more than 1.6 billion euros in dividends from now to 2021, according the brochure for the offering. Thus, for 2018 it anticipates paying out 160 million euros in June 2019, while for financial year 2019 it anticipates paying out 450 million euros, 475 million euros in 2020 and an increase of at least 5% for 2021, in other words a minimum of 498 million euros for that year.
The definitive price will be known on 16 October and the timetable for the operation is as follows:
- Road show with institutional investors up to 16 October.
- 16 October: close order book and fix definitive price.
- 18 October: debut in stock market.
