What the markets feared for days is happening. A few hours after the closure of the 3,5 billion euro capital increase, at 15,00 pm the Saipem share dropped 6,3% to 0,339 euro (after having touched -7,18% to 0,336 euro), under the subscription price of the recapitalisation, set at 0,362 euro. Over 97 million shares traded today, about a quarter of pre-raise capital.
All we have to do now is wait for the end of trading to understand what the outcome of the capital increase will be and above all any unopted shares, which according to analysts could be quite substantial, even exceeding 10% of the shares on offer.
The subsidiary Eni pays not only for the collapse of crude oil, which has tested new lows and drops by 3,7% with the WTI at 24,44 euros, but also for the downpour of sales that once again hit Piazza Affari (-4,8. XNUMX%). To complicate the situation even more, the S&P credit watch on the San Donato Milanese company also intervened during the week.
The collapse of Saipem in the wake of the entire list, according to the operators, would also be due to the fact that many investors are closing the arbitrage and some of those who subscribed to the increase hoping to sell the shares tomorrow for a capital gain, are deciding to rush to repair minimizing losses.
At the moment therefore, despite the hyperdilutive characteristics of the recapitalization, it is more convenient to buy Saipem shares on the market than to subscribe to the recapitalization of the company. But the last word has not yet been said. The stock market volatility of the last period could lead to a last-minute reversal. All that remains is to wait. Based on the prospectus, Saipem will announce the results of the increase within five days of the end of the offer period, ie next week at the latest.
