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Equita aims for IPO
Posted on Friday, 10 November 2017 14:41
Equita has set a price range for an initial public offering on the AIM Italia segment of Borsa Italiana that values the Italian investment bank at between EUR 108.30 million and EUR 139.80 million.

The proposed listing by the equity trading to debt restructuring group comprises 4.59 million new shares, 3.30 treasury securities and 7.70 million existing stocks held by management.

It has hired Mediobanca - Banca di Credito Finanziario as nominated advisor, global coordinator and boorkunner for the float amounting to a 31.2 per cent post-IPO stake.

Management, which will end up holding 53.9 per cent of Equita, intend to exercise a call option on 3.86 million shares of Nicla, a company owned by the Profumo family.

The institutional bookbuilding will start on 13th November to determine the sale price which currently set at a range of EUR 2.40 and EUR 3.10 apiece.

Equita noted the offering is an “important step to strengthen its positioning as the leading independent player in the Italian capital markets”.

The decision to go public should accelerate growth, especially for its alternative asset management and investment banking activities.

While it should increase the company’s visibility, it will also be merely the first step in a broader vision involving listing on the STAR segment in the near future.

In the first nine months to 30th September 2017, it booked total net revenue of EUR 36.60 million, compared to EUR 32.10 million over the same timeframe in 2016.

Equita is currently wholly owned by the company's management, according to its website, following the purchase of a majority stake from US fund JC Flowers in January 2016.

Just last month Industrial Stars of Italy 3, Pirelli and Gima all went public; Zephyr, the M&A database published by Bureau van Dijk, shows these three first-time share sales are some of Italy’s largest by value so far this year.

© Zephus Ltd