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Dropped call: Caribbean wireless provider Digicel Group withdraws $1.8 billion IPO

August 26, 2016

Digicel Group, the leading provider of mobile services in the Caribbean with 14 million subscribers, withdrew its plans for an initial public offering on Friday. It had filed terms to raise $1.8 billion in October 2015 by offering 124 million shares at a price range of $13 to $16, but postponed the offering.

The Hamilton, Bermuda-based company was founded in 2000 and booked $2.8 billion in sales for the 12 months ended June 30, 2015, its most recent public financial results. It had planned to list on the NYSE under the symbol DCEL. J.P. Morgan, UBS Investment Bank, Citi, Barclays, Credit Suisse and Deutsche Bank were set to be the joint bookrunners on the deal.