Linklaters advises on Prosus listing – Largest European flotation of 2019

Linklaters has advised the financial advisers to Prosus N.V. and Naspers Limited on the primary listing on Euronext Amsterdam and secondary listing on the Johannesburg Stock Exchange of Prosus N.V.

Prosus, together with its consolidated subsidiaries (the Prosus Group), is a global consumer internet group operating across a variety of platforms and geographies and is one of the largest technology investors in the world.

Trading in Prosus shares commenced on both exchanges on 11 September 2019. The transaction was structured as a direct listing without any offering taking place. Naspers shareholders could opt for Prosus shares or Naspers shares, resulting in a free float of the Prosus shares between 17% and 27%.

The reference price for the Euronext Amsterdam debut was set at €58.70 implying a market capitalisation of €95 billion when the free float reaches 27%. Prosus shares soared 26% by the close, boosting this market capitalisation to €120 billion making it one of the largest ever listings of all time by market capitalisation. Upon listing Prosus became the biggest consumer tech stock in Europe and the second biggest tech company in the region behind German software group SAP.

The listing was the largest ever in the Netherlands and resulting in Prosus becoming one of the three largest listed companies on Euronext Amsterdam by market capitalisation, together with Royal Dutch Shell and Unilever.

Linklaters Amsterdam partner, Alexander Harmse and Mike Bienenfeld, London, were the lead partners on the transaction.

Linklaters Alliance firm, Webber Wentzel was the lead South African legal advisor to the company.