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UPDATE 2-British masts group Arqiva broadcasts $2 bln IPO plan

From Reuters - October 23, 2017

LONDON (Reuters) - British broadcast and mobile masts company Arqiva plans to raise around 1.5 billion pounds ($2 billion) in the biggest initial public offering (IPO) in London so far in 2017.

Private equity owned Arqiva, which carried the BBCs first television broadcast in 1936, said on Monday it will use the proceeds from next months listing to pay down debt.

After 2.6 billion pounds worth of debt held by shareholders is converted into equity, Arqivas implied enterprise value, which includes debt, could be around 6 billion pounds, a source told Reuters following the announcement.

Sources familiar with the deal had said Arqivas owners had wanted to sell it in one go but were pushing ahead with a flotation after failing to agree a deal with potential suitors.

Arqiva is likely enter the FTSE 100 index and its flotation comes amid a quickening pace in British IPOs.

Ready meals supplier Bakkavor, business services firm TMF and credit services provider Cabot Credit Management are among those that have said they are planning to list in recent weeks.

Proceeds from IPOs on the London markets as of Oct. 10 considerably outpaced the same period in 2016, but are still short of the peaks of 2013-2015.

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