The privatization of Enav begins on Monday 11 July, which will be carried out through an offer of shares in the company aimed at Italian savers, employees of the Enav group and Italian and international investors by the Ministry of the Economy. This is what we read in a note released by the Treasury after Consob gave the go-ahead for the publication of the prospectus.
“Consob – reads a press release from the Commission – has approved the information note and the summary note, relating to the public offer for sale (Opv) of Enav shares, aimed at the admission of the company's shares to trading on the electronic stock market (Mta) managed by Borsa Italiana. Consob's approval follows the provision with which Borsa Italiana approved the admission to listing on the MTA”. The details of the operation will be presented in Milan on the day of the IPO debut.
DETAILS OF THE OFFER
The offer, continues the note from the Treasury, will concern 42,5% of the capital social of the company (or 46,6% in the event of full exercise of the greenshoe option) and will be carried out through a Public Offering in Italy aimed at the general public and employees of the Enav Group and a contextual Institutional Placement. 90% of the offer will be aimed at institutions, 10% at retail and employees.
The Public Offer aimed at the general public and the Institutional Placement will start on 11 July and will end on 21 July 2016, while the offer reserved for Employees of the ENAV group will start on 11 July and will end on 20 July 2016.
Enav comes valued between 1,571 and 1,896 billion, a value that corresponds to one price range per share between 2,9 and 3,5 euros.
The public sale offer is part of a global offer of shares that will be carried out by the Ministry and which will concern a share not exceeding 49% of the company's capital. In particular, the global sale offer, which has as its object a maximum of no. 230,0 million ordinary shares of the Company, corresponding to 42,5% of the Company's share capital, consists of:
– a public offering of a minimum of 23 million shares, equal to 10% of the total sale offer, addressed exclusively to the general public in Italy and to employees of the Enav Group residing in Italy;
– a simultaneous institutional placement of a maximum of 207 million shares, equal to 90% of the total sale offer, reserved for institutional investors in Italy and abroad.
As part of the agreements that will be entered into for the global sale offer, the Ministry will grant the Global Offer Coordinators an option to borrow a further maximum no. 22,6 million shares, corresponding to a share equal to 9,8% of the number of Shares subject to the global offer for the purpose of an over-allotment in the context of institutional placement.
Furthermore, provision is made for the Ministry to grant the coordinators of the global offer, also in the name and on behalf of the members of the consortium for institutional placement, the a greenshoe option for the purchase, at the institutional price (as defined below), of a maximum of further n. 22,6 million shares, equal to 9,8% of the global offering.
