(Bloomberg) — Apax Partners and Warburg Pincus have selected banks to arrange an initial public offering of Dutch telecommunication group Odido, which could raise more than €1 billion ($1.1 billion), according to people familiar with the matter.
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The private equity firms have picked Barclays Plc, Goldman Sachs Group Inc. and Morgan Stanley to lead the share sale, said the people, who asked not to be identified because the discussions are private. The owners are also giving out junior roles to other banks in the offering, which could take place as soon as the first half of this year, the people said.
Banks were invited to pitch for roles on the potential listing which is likely to be in Amsterdam, Bloomberg News reported in November. The business could be valued at as much as €7 billion, people familiar with the matter had said.
Deliberations are at an early stage and details of the IPO plans could still change, the people said. Representatives for Apax, Barclays, Goldman, Morgan Stanley and Warburg declined to comment.
Apax and Warburg agreed in 2021 to purchase T-Mobile Netherlands in a €5.1 billion deal from Deutsche Telekom AG and venture partner Tele2. The business, which was rebranded to Odido after the deal completion in 2022, has about 8 million customers and is on track to offer internet and TV via fiber optic cables to more than 6 million households. Its brands include Simpel, Ben and Tele2 Thuis.
Odido’s IPO plans come as other private equity groups prepare to take companies public this year as pressure builds to return cash to investors. The equity market’s recent strength also makes it more favorable to list businesses.
Bain Capital and Cinven are preparing an IPO of consumer health-focused drugmaker Stada Arzneimittel AG as soon as this year, Bloomberg News has reported. Spanish travel technology firm HBX Group, backed by Cinven and Canada Pension Plan Investment Board, is considering announcing plans for its IPO as early as next week, people familiar with the matter have said.
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