A busy week of IPOs on the Aim Italia market, particularly buoyant after the launch of the PIRs (Individual Savings Plans). There is excess liquidity in the market, and as a result investors are looking for profitable opportunities. The PIRs increase the need to have young and dynamic Italian companies on which to channel capital. The Aim segment, which hosts the most virtuous SMEs, is characterized by a crackling activity but at the same time by high volatility.
The last exploit, in chronological order, is that of pharmanutra, Pisa-based company of nutraceutical products and medical devices founded in 2003, which made its debut today, Tuesday 18 July, on the Aim after having raised around 20 million euros in recent weeks, 30% of which contributed by Ipo Club. The company did score a rise of 54,5% compared to the placement price and reaching 15,45 euro, to then stabilize at 14,71 euro (updated at 12).
Pharmanutra is the leader in its market niche in Europe and absolute number one in terms of market share in Spain, the United Arab Emirates, Iran, Romania and Austria. The Tuscan company has around 50 employees and a network of around 150 commercial scientific representatives. Last year it recorded a consolidated turnover of around 33 million euros and a GOM of around 7,5 million euros.
On the occasion of the start of negotiations Barbara Lunghi, Head of Primary Markets of Borsa Italiana, commented: “Aim Italia, the market for SMEs of Borsa Italiana, represents the first step on the capital market for Pharmanutra, a company with large ambitions that has chosen the listing to support the strategic development and consolidation of its brand".
If Pharmanutra sparks, it is also reported Enertronics active in renewable energies and energy saving which continues its growth path in the USA. The company announced that it has signed an order for the construction of a 27 MWp photovoltaic plant to be built in Nevada (USA). The order, whose value is approximately 10 million, will be completed by the end of the year and the price list welcomed the news with a 10% increase at the end of the morning.
The start of the week has seen it shine Culture Milano, a company specialized in the production and distribution of room fragrances and cosmetics. The company which belongs to the Intek group of the Manes family, after a positive debut on the Aim, lost 2,5% after a first day of listing marked by an increase of 5,8% to 5,50 euros.
Again on Monday 17 July, the index of the Aim Servizi Finanziari sector gained 2,3%. Six titles moved, five of them upwards and one downwards. He was the master of the Ftse Italia Aim Wm Capital, up by 24,4%, from 0,72 to 0,8955 euro, the main operator specialized in the development of the Business Format Franchising with a strong international vocation. Today the race continues, up 3,7% at 13pm.
Positive session on Monday also for Biodue, company that develops, manufactures and markets medical devices, dermo-cosmetic products and food supplements.
If the Ftse Aim recorded a drop of 0,5% yesterday, the index closed with an increase Aim Public Services, rose by one percentage point. Spotlights on Frendy Energy, company active in the design, development, construction and management of mini-hydro power plants, which after being suspended in the morning due to excessive increases, closed yesterday's session with an increase of 15,3%. Negative recovery on Tuesday morning, with the stock losing about 13% at 00pm.
Yesterday's strong performance follows the communication of Edison which announced that it has acquired 45,039% of Frendy Energy from Cryn Finance and a minority shareholder, at the unit price of 0,340 euro per share, confirming the commitment to renewables. The price may be adjusted, only downwards, if the actual net financial position of the Frendy group as at 30 June 2017 is lower than the estimated one. Acquisition confirms the importance that the Aim segment is gradually acquiring, as Edison is a very important player in the energy field, wholly controlled by the French giant EDF.
The closing of the transaction, and therefore the transfer of the equity investment, should take place in October 2017 following the determination of the final price, and is subject to Edison obtaining a stake greater than 50,01% of Frendy's voting rights. Subsequently, Edison is expected to promote a mandatory takeover bid on all Frendy shares, for a consideration per share equal to the definitive price.
In the next three days the debuts on the Aim of Glenalta (special purpose acquisition company (SPAC) promoted by a team of 4 professionals with complementary experiences in the management of multinational companies in the Food sector, which raised 98 million euros in the IPO), sit e Sprint Italy.
