Debut with a bang for Intercos in Piazza Affari. By mid-morning, the title of the group that produces beauty products for third parties travels up 14,2% at 14,276 euros, after having reached a maximum of 14,40 euros per share. The Ftse Italia All-Share, on which the company is listed, instead marks -0,27%.
Il placement price was set at 12,5 euros per share, a figure that is in the lower part of the range previously communicated and between 12 and 14,5 euros. On the basis of the offer price established, the total value of the transaction (which includes the Over Allotment option) is approximately 350 million euro, against a total capitalization which at the start was 1,19 billion euros, including the capital increase of approximately 44 million. The free float is approximately 26,5% of the capital, before the exercise of the greenshoe option.
“The offering has received strong interest from leading institutional investors, with a broad geographic diversification, resulting in demand repeatedly overriding the offering price,” the company underlined in a statement.
“Going on the market was important for us, both to have a certain standing and to circulate capital,” said the founder Dario Ferrari, who will retain control of the company with just over 40% of the shares and almost 58% of the voting rights. "We will keep control of the company and we will be able to work serenely, and if we need money, we will ask for it," he added.
Intercos was one of the most eagerly awaited IPOs of the year and before the landing on the Stock Exchange of other freshmen of weight like Ariston, Sisal and Eni Retail & Renewables. The company had intended to go public for up to 50% of its equity in the first half of 2020, but put that plan on hold due to the coronavirus pandemic. A choice that, according to the trend in the first few hours, seems to reward the cosmetics group.
