Waiting for the IPO, Avio refreshes the management. From tomorrow the aerospace company will have a new head of institutional relations, Giuseppe Coccon, who will report directly to the managing director, Francesco Caio. The team will also be strengthened by Marco Magli, ex Barilla, as head of Media and External Relations, and Deborah Parodi, ex Luxottica, as head of Brand Identity & Internal Communications.
Meanwhile, they keep chasing each other the rumors about the landing in Piazza Affari. After the first and so far only IPO in 2012 by Brunello Cucinelli – which has achieved extraordinary success on the market – it seems that even Avio has finally decided to take the plunge on the Stock Exchange.
According to sources cited by the Radiocor agency, last week the company's board of directors would have given the go-ahead for the start of the IPO procedures. The refinancing of some credit lines maturing in the next 2-3 years would seem to confirm the rumors. This would be the second listing attempt, after the first bankruptcy approach last summer.
The reference shareholder in Avio's capital is Cinven, an English private equity fund, which owns 81% of the company. Also Finmeccanica has in his pocket a substantial share, equal to 14%. For some time the management has reaffirmed that the main road is that of Piazza Affari, however, if market conditions should once again prevent listing, the sale to private equity funds such as CVC, Clessidra, Bain Capital and others.
A role could also have it the Strategic Fund of Cassa Depositi e Prestiti, which would join Finmeccanica (in turn controlled for 30,2% by the Ministry of Economy). In the background remains the interest of foreign industrial giants such as Safran and General Electric.
