Amadeus raises EUR1.3bn in IPO

Amadeus raised EUR1.32 billion selling shares above the midpoint of its original price range (Bloomberg, 28-Apr-2010). Amadeus priced 119.68 million shares at EUR11 per share, compared with an initial range of EUR9.20 to EUR12.20. The IPO will give the Madrid-based company a market value of EUR4.93 billion when it commences trading on 29-Apr-2010. The IPO is Western Europe's largest IPO since 2008. JPMorgan Chase, Goldman Sachs Group and Morgan Stanley managed Amadeus' sale, which was oversubscribed at the offering price. The size of the IPO may increase to EUR1.45 billion if the underwriters exercise their over-allotment option. The carrier plans to use the proceeds to pay down debt, which totalled EUR3.3 billion in 2009. Separately, it was reportedly that Air France-KLM Group will receive EUR146 million to EUR210 million from the IPO (La Tribune, 28-Apr-2010).