Posted on Sep 3, 2021, 10:12 AM
Things are becoming clearer for a future IPO of Antin Infrastructure Partners. The fund, a specialist in infrastructure investment, created and managed by Alain Rauscher, announced this Friday that it had taken a first step.
The Autorité des marchés financiers (AMF) has in fact just approved its registration document, he announced in a press release. The IPO on Euronext Paris will include a capital increase of around 350 million euros and a “limited” sale of existing shares by its co-founders.
Almost 20 million euros in assets
For the fund, which claims 19.9 billion euros in assets under management as of June 30, 2021, “this IPO project aims to […] allow Antin to continue investing both in ‘carried interest’ and in co-investments in its future series of funds (Flagship, Midcap and NextGen), ”the company said in its press release.
The group gives some indications on its target forecasts for its 2021 financial year. It aims for an EBITDA of around 92 million euros, against 132 million in 2020.
He also expects an EBITDA margin of around 60% (excluding IPO transaction costs), against 73% for fiscal 2020. And net income should reach around 60 million euros, after around € 16 million in non-recurring IPO transaction costs before tax (compared to € 93 million for the year ended December 31, 2020).
Antin wants to grow revenue strongly in fiscal years 2022 and 2023, raise the EBITDA margin to around 70% by 2023 and maintain it at over 70% in the long term. Finally, Antin intends to distribute most of the profits each year with an increase in the duration of the quantum of dividends.