Skyrocketing demand for the IPO of Inwit, the company that manages Telecom Italia's transmission towers. The bids exceeded the offer, which closed yesterday at a price of 3,65 euros per share, in the middle part of the range initially proposed (3,25-3,90 euros) by seven times.
Telecom could thus get to raise around 795,7 million from the sale of 36,33% of the capital. The collection of the parent company will reach 875,3 million (gross of commissions and expenses relating to the offer) if the greenshoe option is fully exercised, which would bring the free float to around 40%. The greenshoe may be exercised within 30 days of the start date of trading, scheduled for 22 June.
Inwit will make its debut on the MTA segment of Borsa Italiana with a capitalization of almost 2,19 billion euros. Banca Imi, Deutsche Bank, Mediobanca acted as global coordinator and as joint bookrunner together with Ubs.
