Il ciclone Brexit, which hit the European Stock Exchanges, could cause theIpo of Enav, perhaps the most anticipated of the year in the Italian price list, currently scheduled for mid-July. And question the timing for the second tranche of Poste Italiane shares (29,7% of the capital after the transfer of 35% to Cassa Depositi e Prestiti) launched by the Council of Ministers on 31 May. Nothing has been decided yet and we are navigating day by day to take the pulse of investors. The pre-marketing of the air navigation services company began on Monday, but in the past few days there would have been some meetings of the Ministry of Economy, which controls the company, to assess the situation in the light of the extreme volatility which is characterizing the markets after the referendum on Great Britain's exit from the EU.
The idea of the ministry and the advisors for the listing (the advisors are Rothschild and Equita, while the pool of banks that manages the operation is made up of Barclays, Mediobanca, Credit Suisse, Jp Morgan and Unicredit) would be to test the waters , evaluating the market situation day by day, which in such a moment can change radically in a short time.
Until Wednesdayhowever, the path towards landing on the Stock Exchange should continue, also supported by the communication campaign in full swing, with the aim of assessing whether the major investors have not decided to close their positions on the primary market precisely because of the excessive volatility. This circumstance could push the Ministry of Economy to postpone the IPO of Enav, even if the profile of the company, due to the stability of the regulated business, could be a safe move for investors.
Another point in favor of the listing of the company, which will place 49% of its total capital on the market, valued at around 2 billion, is the maxi-coupon promise to shareholders: immediately after the placement, in fact, the company will detach a dividend of 96 million euros, a figure that could increase in light of Brexit, to make the company more attractive. The final decision, however, will be made in the next few days. Enav can count on a constant flow of liquidity, determined by the tariffs that remunerate the service, over the next few years. And this protects it from speculative moves. Furthermore, for the Treasury it is the only privatization scheduled for 2016 with a income estimated between 900 million and 1 billion, a figure that is not easy to give up. There second tranche of Poste would add more hay in the farmhouse considering that the quotation of first tranche equal to 35,3% of the capital yielded 3,1 billion to the State. But even in this case, prudence is a must.
Not just Enav
The turbulence caused by the United Kingdom's exit from the EU could lead other companies approaching Piazza Affari to postpone their landing on the Stock Exchange. Among these there is also From Nora, the Italian chemical multinational controlled by the brothers Federico and Michele De Nora, which had plans to place 45% of the capital on the market.
Also in this case, the situation of the markets will be evaluated day by day, to assess whether volatility will decrease and which positions will be taken by large investors. Other companies that had planned an IPO in the second half of 2016, and that could postpone their placement, are Avio, Both, Ansaldo Energia e Kairos.
