All ready for landing on the Ariston Stock Exchange. For the group controlled by the Merloni family, the bell will ring Friday 26 November, the day on which it will arrive in Piazza Affari the largest IPO of 2021.
ARISTON IPO: PRICE AND CAPITALIZATION
According to the information provided by the company in the note announcing the admission to listing on Euronext Milan, the price of the shares subject to the IPO has been set in a range between 10,25 and 12 euros. Following the offer, Ariston's market capitalization will therefore be 3,375-3,9 billion euros, a figure that "we believe bears witness to the success story of our group so far, based on solid market fundamentals, our global profile in the heating and domestic hot water sector, our portfolio of renewable and high-efficiency products and services, our proven organic growth and our strong M&A track record,” commented Paolo Merloni, executive chairman of the society.
ARISTON IPO: DETAILS OF THE OFFER
The offer period will start on Thursday 18 November at 9 am and will end at 12 noon on 24 November, unless closed early. The offer will consist of a reserved placement of newly issued ordinary shares, from which the heating company expects gross proceeds of approximately 300 million euros. The resources will be used "to support and develop the group's further growth, invest and accelerate organic growth - in topics such as the digital route to market, the development of new products and technologies, and the industrial footprint - and to finance corporate acquisitions , of technologies and intellectual property rights in the future”, reads the note from Ariston.
There will also be a secondary offer of up to 49 million existing ordinary shares held by current shareholders, Merloni Holding and Amaranta, which in this case are expected to net between 502 and 588 million euros. Not only. Mediobanca, which will act as manager in charge of stabilizing the stock, will be offered an over-allotment option to purchase a further maximum of 11 million shares (15% of the shares offered), to be exercised within 30 days of the debut .
THE FLOATING
The company's free float is expected to range between 23,23% and 26,26% of the shares. Ariston's share capital will continue to consist of ordinary shares and multiple voting shares and the selling shareholders will stipulate 180-day lock-up commitments on the sale of further shares.
OUR PARTNERS
As part of the transaction, Mediobanca, Goldman Sachs and Intesa Sanpaolo act as joint global coordinators and joint bookrunners of the offer while Bnp Paribas, Bofa, Citigroup and Equita Sim are joint bookrunners. The financial advisor of Ariston is CC & Soci, Pedersoli, Houthoff and Cravath are the legal advisors of the company and the selling partners, while Linklaters is the legal advisor for the underwriters.
