Wed | Jul 15, 2020

Digicel still contemplating IPO

Published:Wednesday | May 4, 2016 | 12:00 AM

Digicel founder and chairman Denis O’Brien plans to return to the stock market with an initial public offering of Digicel shares, but will wait about a year to 18 months, Bloomberg has reported.

O’Brien tried last year to raise around US$2 billion via the New York Stock Exchange, but backed off the offer citing unfavourable market conditions. O’Brien would have controlled 94 per cent of the voting rights in Digicel had the offer gone through.

Some of the proceeds of the IPO were meant to pay down a portion of the telecom’s debt, which last year amounted to some US$6 billion.

Digicel Group has operations in more than 30 markets in the Caribbean, Central America and the Pacific. O’Brien told Bloomberg television this week that Digicel remains highly profitable.