ASF - 2002 annual report - Vinci

Outcome of the IPO
The company was listed on March
28, 2002, following an open price
retail offering and global offering,
which closed on March 26, 2002.
A total of 53,608,993 shares were
included in the global offering. The
offer price of €25 was at the high end
of the indicative price range. The
44,994,932 shares included in the
open price retail offering, representing
around 45.6% of the total offer,
were priced at €24, representing a
€1 discount on the price offered to
institutional investors.
ASF's Initial Public Offering was
a resounding success, attracting
around 900,000 applications from
retail investors, for a total of some
56.7 million shares, while the global
offering was more than 19 times oversubscribed.
The greenshoe option,
providing for 8,512,569 shares to be
added to the offer, was exercised in
full.
In view of the success of the
employee share offer, the Board of
Directors decided, at its meeting of
April 24, 2002, to raise the number
of shares included in the issue so
that all employees received the
total number of shares applied for.
As a result, more than 85% of Group
employees are shareholders of their
company.
Ownership structure at December 31, 2002
French State 41.5%
Autoroutes de France 8.8%
Regional authorities and Chambers
of Commerce and Industry 0.9%
Employees 2.4%
Vinci Concessions and Eiffage 17.7%
Public 28.7%
Financial Strategy
The success of this flotation despite
a very depressed market environment
won acclaim from all quarters.
It was hailed as:
■ European IPO of the year for
Financial News
■ Privatization of the year for
Acquisitions Monthly
■ 3rd European Equity Capital
Market Deal of the year for
Financial News.
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