Antin Infrastructure Partners’ two co-founders and managing partners – Alain Rauscher and Mark Crosbie – could earn at least €200 million when the French manager prices its initial public offering on 23 September.
According to details released by Antin, next week’s IPO has an indicative pricing range of between €20 and €24 per share, valuing the firm at between €3.5 billion and €4.1 billion. The IPO will comprise a capital increase of approximately €350 million at the low end of its pricing range, rising to €402.5 million if an over-allotment option is exercised. Rauscher and Crosbie’s share sale proceeds, part of a secondary offering, could grow to €230 million if the over-allotment option is exercised. They will retain the “the bulk of the firm” following the IPO, the co-founders said on a call earlier this month.
Antin’s IPO offering started yesterday with shares set to start trading on the Paris Stock Exchange on 24 September.
“We want to raise capital to fund our growth plans,” Crosbie said on the call, explaining the reasons for the IPO. “We also think an IPO will strengthen our brand, which is important for all relevant stakeholders. It will reinforce our ability to attract and retain top quality talent and retain flexibility to expand into new strategies.”
In its latest IPO documents, Antin revealed it expects to reach a first close for its new NextGen Fund in the fourth quarter, with a €1.2 billion final close expected in the first half of next year. It made a string of hires in May for the “next generation infrastructure” strategy, its latest offering, after raising €2.2 billion in June for Antin Infrastructure Partners Mid Cap I, a vehicle marking the firm’s return to the mid-market. Antin also said it is aiming for a first close for its fifth flagship infrastructure fund in around Q2 or Q3 of 2022, with a final close on between €10 billion and €11 billion set for 2023.
Crosbie, however, explained earlier this month that Antin might add more products to its stable: “We could think about doing core, debt or longer-duration. We could also consider future strategies where infrastructure meets real estate.” He explained that the firm is looking for adjacent strategies to its value-add approach where it could leverage off its current skillset. An expansion into new geographies, as it has done in recent years with North America, is also under consideration.
Antin has typically operated jointly out of Paris and London since its launch. In explaining its decision to list the firm in Paris, Rauscher and Crosbie said although London had limited flexibility for the level of ownership the duo wanted to retain, a listing certainly could have taken place in London were it not for some of the barriers created by Brexit.