It's almost there listing of The Italian Sea Group on the Stock Exchange, the Italian luxury yacht company which will make its debut on the MTA segment of Borsa Italia.
The company has fixed the price fork of the placement between 4,15 and 5,66 euros, while the final price will be established through a bookbuilding process which started today, 26 May, and will end on 3 June.
Two weeks ago, The Italian Sea Group had announced its intention to issue a maximum of 9,5 million new shares, which would lead to an increase in capitalization between 39,4 and 53,8 million. On the basis of this interval, taking into account the offer price indicated, the valuation of the company prior to the capital increase is confirmed between 181 and 246 million.
We recall that the offer also includes up to 6,5 million existing shares put up for sale by the current shareholder GC Holding, a further 2 million shares by the reference shareholder as an option to increase and another 1,8 million shares to cover of a potential over-allotment. In total, the IPO therefore provides for an institutional placement of 19,8 million shares, reserved for professional investors outside the United States. post offer, The float it will be able to reach 27,4%, assuming full exercise of the right to increase and of the greenshoe option. Finally, a period was established 1-year lock-up for GC Holding.
“As part of the offer, GC Holding SpA is expected to grant the joint global coordinators an option to borrow up to 1.600.000 shares (1.800.000 in the event of exercise of the increase option), which represents approximately 10% of the shares involved in the offer, to cover any over-allotments. Furthermore, it is envisaged that GC Holding will grant Intermonte Sim as stabilization manager, an option to purchase, at the final offer price, up to 1.600.000 additional shares (1.800.000 in the event of exercise of the right to increase) , which represent approximately 10% of the shares subject to the Offer (greenshoe)”, explains the luxury yacht company in a note.
The Italian Sea Group also informs that two institutional and qualified investors, Alychlo NV, financial vehicle of the entrepreneur Marc Coucke's family, e the luxury house Giorgio Armani, have undertaken to subscribe and/or purchase a total amount equal to approximately 15% of the post-offer shares. The capital increase will allow the company to acquire new production spaces and industrial plants to increase the production capacity of the Shipbuilding and Nca Refit divisions.
Within the offer, Intermonte and Beremberg act as joint global coordinators and joint bookrunners. Intermonte is Sponsor and stabilization manager, while Ambromobiliare is the company's financial advisor.
