A few days after the listing, scheduled for November 10th, Glenalta records results that exceeded expectations. The operation followed by CFO SIM and Banca Aletti (respectively Joint Book Runner Specialist and Nomad Global Coordinator) in October gathered subscriptions for over 94 million euro, exceeding the initial target of collection, expected between 60 and 70 million EUR. The raising of capital involved institutional investors, entrepreneurs, families and family offices. Glenalta, Spac (Special Purpose Acquisition Company) issue dedicated to the Italian food sector, has provided for the right of early withdrawal, which can be exercised even before the approval of the merger operation with the identified target company.
“In this operation we have focused our attention on new Italian and foreign counterparties – declares Massimo Gionso, Chief Executive Officer of CFO SIM – who best share the industrial vision of a new initiative, because it is focused on food, and different because it has characteristics of high liquidity. And it is with a certain pride that I feel like saying that the message has generated great interest, considerable response and important expectations. Not only traditional institutional counterparties, but also long-term end investors such as families, entrepreneurs and family offices are and will be an active part of this initiative, destined to bring an excellence of Italian food to listing".
"Banca Aletti is proud to have contributed to the successful placement of the shares of the Spac Glenalta Food - declared Franco Dentella, Deputy General Manager of Banca Aletti - whose listing on the AIM Italia, expected in the next few days, will constitute the operation with the most capital raised on this market, since its establishment. The considerable demand for subscriptions confirms the success of the SPAC formula, which is attracting not only the interest of professional investors, but also that of other types of investors, including entrepreneurs and managers, attracted by the possibility of co-investing alongside of the Promoters of the initiative”.
