Digicel Group (DCEL) Files for $200M IPO

Digicel Group Limited (NYSE: DCEL) filed a registration for an IPO of its Common Stock. The proposed maximum offering price is $200 million. The company plans to list on the NYSE under the ticker, DCEL.

Underwriters on the IPO are J.P. Morgan, UBS Investment Bank, Citigroup, Barclays, and Credit Suisse.

Financial rundown: In the year ended March 31, 2015, Digicel generated total revenue of $2.8 billion, a net loss of $157.6 million and Adjusted EBITDA of $1.2 billion, representing an Adjusted EBITDA margin of 42.3%. Digicel uses “operating free cash flow” and “adjusted operating free cash flow”, which are non-IFRS measures, to illustrate the underlying cash generation of its business and the calculation of these measures is set out in “Summary Consolidated Financial and Operational Information”. Digicel’s operating free cash flow was $548.5 million for the year ended March 31, 2015 and $737.7 million for the year ended March 31, 2014, which as a percentage of revenues was 19.6% for the year ended March 31, 2015 and 26.8% for the year ended March 31, 2014. Digicel’s adjusted operating free cash flow, which excludes certain non-recurring capital expenditures, was $814.1 million for the year ended March 31, 2015, and $804.1 million for the year ended March 31, 2014, and as a percentage of revenue was 29.1% and 29.2% for the years ended March 31, 2015 and 2014 respectively. On an IFRS basis as presented in our consolidated financial statements, our cash flow from operating activities was $433.4 million in 2015 and $448.4 million in 2014. As a percentage of revenue, our cash flow from operating activities was 15.5% for the year ended March 31, 2015 compared to 16.3% for the year ended March 31, 2014.

Digicel is a leading provider of communications services in the Caribbean and South Pacific regions.

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