News on 28 September 2000
After a false start last year, international serviced office
provider Regus is finally set to float in both London and New York. The
price range for the shares values the company between £1.2bn and
£1.6bn.
Regus plc has filed a registration statement with the US Securities and
Exchange Commission and submitted price range listing particulars to the
UK Listing Authority (see News story). The initial
public offering is for approximately 118.5m of its ordinary shares in
the form of ordinary shares and American Depositary Shares, with each
ADS representing five ordinary shares.
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Mark
Dixon
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The estimated price range is 200p to 227p per ordinary share
or 991p ($14.50) to 1338p ($19.58) per ADS, valuing Regus between £1.2bn
($1.74bn) and £1.6bn ($2.32bn). About 108.5m of the ordinary shares
are being offered by Regus, 5m each by the affiliates of Apollo real Estate
Investment Fund III LP and Deutsche Bank AG. The latter will also provide
a greenshoe of up to about 17.5m ordinary shares.
Acting as sponsor, global co-ordinator and bookrunner to the offering
is Merrill Lynch International. Deutsche Bank acts as joint lead manager
and Morgan Stanley Dean Witter as co-lead manager.
Regus provides business services through an international network of business
centres allowing its customers to outsource workspace requirements completely
or partly. The 302 business centres, covering 47 countries, offer workstations,
conference rooms and related support services such as video conferencing,
telecommunications, internet connectivity, reception and secretarial services.
www.regus.com
