The IPO of Fineco, the online bank of the Unicredit group which will make its debut in Piazza Affari on 2 July, was already covered three times. This was reported by two sources close to the operation quoted by the Reuters agency, specifying that "the operation was helped by the fact that it is a success story, easy to tell". This morning the final price of the offer was communicated, € 3,7 per share (in the lower part of the indicative range), which corresponds to a capitalization of the company equal to 2,23 billion euros.
30% of the multi-channel bank's capital will end up on the market, which will rise to 34,5% in the event of full exercise of the greenshoe option granted to the banks. Unicredit will collect 774 million in the event of full exercise of the greenshoe (within 30 days of the start of trading) with a capital gain of 410 million and with a benefit of 16 basis points (based on Basel 3) on the Common Equity Tier 1.
Should the greenshoe not be exercised, the bank will collect 673 million euros, with a capital gain of 360 and an impact of 14 basis points on Common Equity Tier 1. The capital gain will be entirely allocated to capital reserves, since even following the global offer, Unicredit will continue to maintain control of FinecoBank on the basis of the international accounting standards Ias/Ifrs.
At the beginning of the afternoon, the Unicredit stock on the Stock Exchange was hovering around parity, at 6,155 euros.
