Call the Caribbean: Digicel Group sets terms for $1.8 billion US IPO

Digicel Group, a leading provider of mobile services in the Caribbean with 14 million subscribers, announced terms for its IPO on Tuesday.

The Hamilton, Bermuda-based company plans to raise $1.8 billion by offering 124 million shares at a price range of $13 to $16. At the midpoint of the proposed range, Digicel Group would command a fully diluted market value of $4.6 billion.

Digicel Group, which was founded in 2000 and booked $2.8 billion in sales for the 12 months ended June 30, 2015, plans to list on the NYSE under the symbol DCEL. J.P. Morgan, UBS Investment Bank, Citi, Barclays, Credit Suisse and Deutsche Bank are the joint bookrunners on the deal. It is expected to price during the week of October 5, 2015.