29 March 2018
Clifford Chance advises selling shareholder J.C. Flowers & Co on IPO and listing of NIBC
Clifford Chance acted for US private equity investor J.C. Flowers & Co as selling shareholder in the IPO and listing on Euronext Amsterdam of ordinary shares in the capital of NIBC Holding N.V. ("NIBC"), a mid-sized Dutch bank with a focused mid-market corporate and retail product offering. NIBC operates in the Northwest European markets, with a focus on the Netherlands and Germany.
The price per offer share in the IPO was set at EUR 8.75, corresponding to an initial equity value of approximately EUR 1.3 billion for NIBC. The number of shares offered, excluding the over-allotment option, represented approximately 25% of the total number of shares. Including the over-allotment option of up to 2.7 million shares, the IPO consists of an offering of up 27% of the total number of shares. The total value of the offer shares amounts to approximately EUR 320 million, excluding the over-allotment option. Assuming full exercise of the over-allotment option, the total value of the IPO amounts to approximately EUR 344 million. No new shares were issued. Delivery of and payment for the shares and the start of unconditional trading in NIBC shares took place on Tuesday 27 March 2018.
Citigroup Global Markets Limited, Deutsche Bank AG, London Branch and Morgan Stanley & Co. International plc acted as joint global coordinators for the IPO and together with ABN AMRO Bank N.V. and ING Bank N.V. as joint bookrunners.
The Clifford Chance team, advising J.C. Flowers on all aspects of the IPO, consisted of Jeroen Thijssen (Corporate), Han Teerink (ECM), Wybren van der Zee and Tom Smeele from the Amsterdam office. Alex Bafi and Olivier Plessis from Clifford Chance Paris provided US securities laws advice.