Voltaire coined the phrase “pour encourager les autres” when someone makes an example to inspire good behaviour in others. Antin Infrastructure Partners has done something similar with its initial public offering which raised €550m: Shares in the private equity firm bounced 25% on their market debut in Paris on Friday. It follows a similarly enthusiastic debut from London-listed rival Bridgepoint.
Antin specialises in red-hot infrastructure niches like digital networks and renewable energy, as well as plainer road and rail assets. That helped shareholders overlook the company’s tiny 15% free float, plus the fact that a handful of executives remain firmly in control.
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- To what extend can the relationship between the GP and board impact the company?
- How can GPs ensure trickle down change in organisations?
- How can technology help bridge the gap between GPs and management boards?
Friday’s jump gives the firm a market value of roughly 5.1 billion euros, equal to a meaty 29 times earnings for 2023, according to Breakingviews calculations that assume annual revenue growth of 20% and a 70% operating margin. That’s still a discount to listed peers EQT and Partners Group, which trade at over 30 times.
Source: Nasdaq
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