Industrial Stars of Italy, the SPAC promoted by Giovanni Cavallini and Attilio Arietti, aims to land on the Aim of Borsa Italiana in mid-July, after having raised between 60 and 75 million euros from investors. A third Spac could therefore land in Piazza Affari, an acronym for "special purpose acquisition company", a vehicle company which through the IPO intends to raise resources to acquire a stake in an unlisted company with which to merge, bringing it in turn in the bag. c
“Isi will be a development capital Spac for internationalization” underlined Attilio Arietti, founder of M&A International. In fact, the two managers aim to find a company that has not yet developed all its potential abroad and intend to push it towards internationalization. Among the sectors of interest there are food, mechanics, the wine sector, clothing, machinery, design and furnishings, domotics and luxury goods. However, start-up and venture capital operations and the financial, credit, insurance, real estate and renewable energy sectors are excluded. "More than the product sector, we are interested in the business model and that the foreign part is not yet fully developed" specified Giovanni Cavallini, former CEO and president of Interpump. The two managers have so far defined a list of around sixty possible targets but any contact with the companies will take place after the listing.
The order books will be open from approximately June 25th to July 12th and the listing should take place in the week starting July 15th, probably July 17-18th. The business combination must then take place within 24 months of listing, after being approved by the Spac shareholders' meeting with a qualified majority, with the right of withdrawal exercised by less than 30% of the share capital. The capital raised through the IPO will be used mainly for the development of the company, in the form of a capital increase, and only minimally to liquidate any outgoing shareholders. With 60-75 million, Industrials Stars of Italy should therefore obtain a share of around 30% of the target company.
