STJ advised a consortium of investment funds on a €450 million sell-down of shares in Ayvens
2025
STJ advised a consortium of investment funds affiliated with TDR Capital, ATP, ADIA, GIC and PGGM Limited on a €450 million sell-down of shares in Ayvens – c. 5.8% of share capital .
This marks the consortium’s third sell-down, with STJ having advised on transactions totalling +€1.2 billion in proceeds since May - representing approximately 17% of Ayvens’ share capital.
This further strengthens our long-standing relationship with the client, following a €450 million transaction in May and an additional €335 million sale in June. The successful structuring of the June transaction as a directed sell-down to anchor and long-only investors helped generate latent demand, with hedge fund participation subsequently driving increased fundamental investor interest in this latest offering.
The transaction was priced at a 4.9% discount (priced at €9.45) to the closing price (€9.94) and against a backdrop of heightened French geopolitical and market uncertainty. The lock-up was waived just one day before expiry, following careful advice on the optimal timing to execute the transaction and capitalise on a fundamentally well-supported stock, which has appreciated by +15% since the first sell-down in May (priced at €8.6).
The transaction was wall-crossed on the morning of launch, with strong visibility and reverses allowing us to release a "books covered" message on the initial size of c.€420 million just 20 minutes after launch.
Robust demand during bookbuilding enabled us to upsize the transaction to €450 million, driven by strong anchor, long-only, and fundamental investor interest. STJ’s advice was critical in determining the final size, with a focus on investors who are well-positioned to continue supporting the stock price, enhance trading liquidity, and participate in future placements. The quality of the book and the well supported transaction is reflected in today’s performance, with the stock opening above yesterday’s closing price and comfortably trading above the sell-down price.
Following the transaction, the consortium will be locked up for 60 days, retaining c12% of Ayvens.
