Reverse inquiry drives early TDC block

27 Mar 2013

Private equity consortium NTC sold more of its stake in Danish telecoms company TDC on Wednesday evening, raising Dkr2.5bn ($430m) after reverse inquiries and a strong share performance since the last selldown convinced UBS to waive a lockup early.

It sold 56.3m shares, a 6.8% stake in the company, at Dkr44.27 a share.

Sole bookrunner UBS launched the deal on Monday at around 5pm in London, with price guidance of a 2.5% discount to market.

Books were said to be covered an hour after launch, and were closed ...

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