Italo-Ntv will be listed on the Stock Exchange by February. The company, established in 2006 (previously called only Ntv - Nuovo Trasporto Viaggiatori), has in fact submitted the application for admission to listing on the Stock Exchange on the Mercato Telematico Azionario (MTA), depositing all the necessary documents with Consob. Italo-Ntv arrives on the financial market in one of the best moments of its young history, after filing a 2017, under the management of Flavio Cataneo, with revenues and passengers on the rise.
Revenues amounted to 454,9 million compared to 364,4 million in 2016, with an increase of 24,8%. Also over the past year Italo carried 12,8 million passengers, against 11,1 million in 2016, an increase of 15,3%. The company, which competes with Trenitalia especially on high-speed routes, also plans to increase the fleet and has anticipated FS right on the road to listing on the Stock Exchange, which for competitors is only expected in 2019.
Therefore, it is envisaged that the listing of Italo will be completed within the month of February, "compatibly with market conditions and subject to the release of the provision for admission to listing by Borsa Italiana and the approval of the Prospectus by Consob". explains the company. The shares that will be offered for sale as part of the Offer represent a percentage between 35% and 40% of Italo's share capital and will be made available by some among the major shareholders of the company. The press release does not specify who will sell all or part of the shares in its possession. But the most likely hypothesis, according to sources close to the dossier, is that Intesa Sanpaolo (now holds 19,2%) e Generali Financial Holdings (14,6%) seize the opportunity: alone they account for 33,8% of the capital or a share very close to the minimum 35% proposed for the offer. Peninsula (about 13%) joined Italo-Ntv in June 2017 financed by Middle Eastern investors. The other shareholders are the founders – Diego Della Valle, Luca di Montezemolo and Gianni Punzo – and the current CEO Flavio Cattaneo (4,9%).
The placement is aimed at institutional investors in Italy and outside the United States. There is therefore no quota for retail. Instead, it is possible that one is exercised greenshoe (or the possibility of expanding the offer by the shareholders in the event of strong demand, in order to stabilize the stock) on a share quota up to a maximum of 15% of the shares subject to the offer.
As regards the support of the IPO, Banca IMI, Barclays Bank PLC, Credit Suisse Securities (Europe) Limited and Goldman Sachs International act as Joint Global Coordinators and Bookrunners, while Unicredit Corporate & Investment Banking acts as Bookrunner and of Sponsor in the context of the Listing. Rothschild Global Advisory is the company's financial advisor.
"The Company and the Selling Shareholders will undertake - finally specifies the press release released on Tuesday morning - vis-à-vis the Joint Global Coordinators and Bookrunners and the Bookrunner lock-up commitments, in line with market practice for this type of transaction for a period of 180 days starting from the start date of trading”.
