The proportion of the destination of Fincantieri's Public Sale and Subscription Offer has been reversed. As initially envisaged, the retail public will not receive 20% of the total offer, but 89,05%, while institutional investors will receive only 10,95% of the Offer. This was revealed by Fincantieri in the supplementary notice to the public offer published today.
The cold response of the institutions to the Fincantieri IPO has therefore led to the cut of a third of the offer and only 450 million shares will end up on the market at 0,78 euros (minimum price of the range which reached 1 euro) for a value of 351 million euros. While the global offer envisaged the placement of nearly 704 million shares.
“The division of the Shares between the Institutional Placement and the Public Offering – explains Fincantieri in the supplementary notice – will also be made using the claw back option provided for in Section Two, Chapter V, Paragraph 5.2.3.2 of the Information Prospectus. Therefore it is foreseen that n. 49.262.000 Shares will be assigned to institutional investors and n. 400.738.000 Shares will be assigned to the general public”. Fincantieri will land in Piazza Affari on 3 July.
