Sardinia portal, a web company specializing in the incoming tourism segment for Sardinia, received admission to trading on AIM Italia – Mercato Alternativo del Capitale, a multilateral trading facility organized and managed by Borsa Italiana, from Borsa Italiana on Tuesday 14 November. The start of negotiations is set for today, Thursday 16 November 2017. Objective of the operation: to support a strategic development project based on internationalization, brand positioning, expansion to new customer segments and seasonal adjustment.
Massimiliano Cossu, founder of Portale Sardegna: “The decision to list on the Stock Exchange is aimed at accelerating our development process which involves strengthening the brand, expanding to new customer segments and strengthening the foreign market. Being able to intercept tourists from all over the world, who make up 50% of Sardinia's tourist activity, is essential for the continuation of our growth and the development of our business. The placement of Portale Sardegna, a company in Nuoro active in a sector that can represent a driving force for development for the island capable of creating long-term value and employment, also aims to be a positive message for a region that has not register new IPOs.”
Portale Sardegna, based in Nuoro, was founded in 2001 by a group of young entrepreneurs with the aim of promoting Sardinia's tourist potential and in just a few years it has become a consolidated reality on the online tourism market. Specialized in the incoming segment, allows the purchase of both tourist products aggregated in packages and individual services (reservation of accommodation, transport, guides). Portale Sardegna's business model is based on 4 pillars that characterize it, diversifying it from the big players in the sector and making it a protagonist in its reference market: web presence, strong local specialization, travel advisory and competitive pricing.
The company has recorded significant growth rates, realizing a value of production equal to 4,5 million euros in 2016 (+51% compared to 2015) and 5,0 million euros in 1H 2017 (+45% compared to 1H 2016), thanks to the continuous technological development activity aimed at improving the usability of the portals, also according to the needs of the devices mobile. The total value, gross of commissions and expenses incurred as part of the placement, of the resources raised through the operation amounts to 1,3 million euros.
The admission to listing took place following the placement of 406.000 ordinary shares aimed at qualified Italian and foreign investors and the general public pursuant to art. 100 of Legislative Decree 58/1998 and art. 34-ter paragraph 1, lett. c) of CONSOB Regulation 11971/1999 (“Placement”). The unit price of the shares resulting from the placement was set at 3,20 euro. It should be noted that as part of the placement and depending on its success, a protection mechanism has been envisaged whose possible activation, in the event of failure to achieve the minimum target of EBITDA 2017, would result in the free assignment of no. 81.200 shares (Remedy Share) to the shareholders who have subscribed for the shares involved in the Placement (for more details, see the Admission Document available on the website www.portalesardegnagroup.com).
The free float of the post-listing company will be equal to 22,38% of the share capital (of which 6,67% subscribed by the MainTower SICAV, and the remaining 15,71% by investors with individual shares of less than 5% of the Issuer's share capital after the capital increase). The subscribed and paid-up share capital of Portale Sardegna is equal to Euro 82.443,57, made up of 1.648.860 ordinary shares (with no par value).
Read the interview issued by Massimiliano Cossu to FIRSTonline.
