The Infrastructure Company (TINC), an Antwerp-based infrastructure investment firm, has raised €110 million from an initial public offering (IPO) on Euronext Brussels.
The offering took place at €11 per share, within an announced price range of €10.40 to €11.40, and was 1.9 times oversubscribed with total demand amounting to €182 million.
Demand from retail investors was more than 2.5 times the reserved portion of 40 percent of the total offering. Belgian retail and institutional investors were the main participants in the IPO, followed by institutional investors from the Netherlands and France.
“The IPO gives us the strength to expand our investment portfolio, thus consolidating a solid basis for a sustainable dividend to our shareholders,” said Manu Vandenbulcke, chief executive officer (CEO) of TINC.
TINC is a subsidiary of TDP, which was established in 2007 as a joint venture between Belgian bank Belfius and Belgian investment firm GIMV. TDP was previously known as DG Infra and TINC as DG Infra+.
The firm invests in public-private partnerships (PPPs), energy, and real assets. Its portfolio includes the likes of the 165-megawatt Belwind wind farm off the Belgian coast, the Via-Gent R4 road PPP around the city of Ghent, and the Eemplein car park in Amersfoort in the Netherlands.
TINC is headed by Vandenbulcke, who has worked at TDP since 2007 having previously been a member of the structured finance and corporate finance teams at Macquarie Bank. He was appointed CEO earlier this year.