Part today in a thousand turbulence the road show for the listing of Sea. The shares of the company that manages the Malpensa and Linate airports will be offered to a price between 3,2 and 4,3 euros, for a value between “between 800 million and a maximum of 1.075 million euros”.
In reality, the consortium banks (Mediobanca, Intesa, Morgan Stanley, Unicredit, Paribas and Deutsche Bank) would have insisted on an estimate closer to 800 million, while Vito Gamberale, with the F2i fund a 29,7% shareholder, had bought on a valuation of no less than 1,3 billion. We will see, at the end of the road show, what the price of the IPO will be.
The prospectus for the landing at Piazza Affari highlights the pros and cons of the company. Not only the "classic" risks associated with the activities (non-development of connection infrastructures, increase in the cost of raw materials, competition and regulatory unpredictability), but also the appeals, the investigations by the European Commission and the indebtedness weighing on the accounts this moment.
