The Board of Equita Group, an investment bank active in brokerage and consultancy services, has approved the structure and price range of the IPO. The Milanese company had started the preliminary activities for listing on the Aim segment at the beginning of October. This is a larger project, which provides for the landing on the Star segment at a later time.
Equita Group has announced that the indicative valuation range of the company's shares, offered as part of the IPO on the Aim Italia market, has been set between 2,40 and 3,10 euros per share.
The offer, which will concern 15.585.261 ordinary shares, is made up of 4.587.815 newly issued shares; 3.300.000 treasury shares sold by the company; and 7.697.446 shares sold by management, equal to 25% of the total shares held by management. The offer is expected to start on Monday 13 November.
"The resources collected by the company in support of development represent 50,6% of the proceeds of the offer equal to 18,9 million euros based on the minimum offer price and 24,5 million based on the maximum price", explains the group in a note, adding that “at the end of the offer, the share capital of Equita Group will consist of 50 million ordinary shares, of which 4.889.025 treasury shares”. The free float will be equal to 31,2% of the share capital.
In a note, the group explains that “the IPO is an important step to strengthen its position as an independent leader in the Italian market because it allows to accelerate growth, in particular for Alternative Asset Management and Investment Banking; and increase the company's visibility, allowing it to continue to attract new professionals to develop the business”.
As regards the financial results, in the first 9 months of 2017 the net revenues of the company led by Francis Perilli amount to €36,6 million, with an increase of 14% compared to the same period of the previous year. Positive performance for the Investment Banking and Proprietary Trading divisions, revenues from the Sales & Trading area are down.
Taking into account the positive performance of the first 9 months of 2017, and in the absence of currently unforeseeable negative events in the remaining part of the year, the Board of Directors resolved that it will propose the distribution of a dividend equal to €0,20
per share.
