ONO to go public before spring 2014
Juan Fernandez Gonzalez | 12-11-2013
After Rosalía Portela, ONO's CEO, stated "Our priority now is to go public" last September, without giving a concrete date, the telco is now ready to achieve this goal and is about to launch on the stock market in spring 2014.
When Portela reaffirmed that ONO was still interested in being a public company, she also said that the project was dependent upon Spain's financial situation. "The country's economy recovery is just beginning, although the company is getting ready to launch on the stock market when the situation gets better," said Portela. According to El Confidencial, the cable and pay-TV group sees the future as bright enough to take the company public in six months.
This decision may have also been influenced by ONO's Q3 results, which will be published on Thursday 14 November. Up until now, the cable company has achieved growth, or at least no serious decline, throughout the financial crisis, while also launching the interactive on-demand platform TiVo.
The company's situation is "solid and stable", said Portela. Although the net debt is €3,400 million, the first instalments don't expire until 2017. By the end of 2012, the company had achieved 4.7 million services and invoiced €1,600 million. In addition, TiVo's customer base is growing and already represents 25% of the company's TV clients.