(Bloomberg) — Private equity firm Antin Infrastructure Partners SA plans an initial public offering in Paris, joining rivals in tapping public markets in Europe.
The European alternative asset manager, which invests in everything from fiber-optic networks to water utilities, plans to raise about 350 million euros ($416 million) selling new shares, while its co-founders also will offer stock, according to a statement Friday.
The announcement comes less than two months after buyout firm Bridgepoint Group Plc debuted on the London Stock Exchange. Swedish investment firm EQT AB, whose shares have risen more than 500% since its 2019 IPO, set off the trend, with its success spurring peers to seek listings.
Several European private equity firms are already publicly traded, including France’s Eurazeo SE and Tikehau Capital SCA as well as Switzerland’s Partners Group Holding AG. For these companies, public listings are an opportunity to raise funds to expand into new areas, while allowing top dealmakers to cash out.
Infrastructure Portfolio
Founded in 2007, Antin manages 19.9 billion euros in four funds investing in infrastructure in Europe and North America, according to its website. Its portfolio includes companies like CityFibre, a provider of high-speed telecom infrastructure in the U.K., and French energy services provider Idex.
“The planned IPO aims to accelerate Antin’s growth strategy in a rapidly growing and essential asset class, develop its existing and new strategies, strengthen Antin’s brand, gain greater strategic flexibility and allow Antin to continue investing both in carried interest and in co-investments in its future Fund Series,” the company said in the statement.
Bridgepoint has jumped 46% since its London debut on July 21.
French market regulator AMF has approved Antin’s registration document. The IPO is subject to market conditions and approval of a prospectus, the firm said.
JPMorgan Chase & Co. and Morgan Stanley will be joint global coordinators, while BNP Paribas SA, BofA Securities and Citigroup Inc. will act as joint bookrunners if the IPO proceeds.
“It is a good thing that more private equity companies are listing,” said Joachim Klement, a strategist at Liberum Capital. “It increases transparency about the company’s prospects and provides a day-to-day assessment of how investors see the future growth of these companies.”
(Updates with analyst comment in final paragraph)
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