The IPO of Nexi on the Stock Exchange is approaching and it will be queen in Europe. At least for now, in fact, the listing of the credit card company, the Italian leader in payment systems, promises to be the largest operation on the Old Continent's price lists.
The price that will be offered to investors will be set within a range between 8,5 and 10,35 euros corresponding to a valuation of the company between 7,1 and 8,1 billion. The valuation is based on the enterprise value criterion, ie it also includes the company's net financial position. This was decided by the Board of Directors of Nexi, led by Paolo Bertoluzzo.
NEXI ON THE STOCK EXCHANGE, HOW THE TRANSACTION WILL TAKE PLACE
The offer will take place according to a double track: on the one hand the sale of existing shares, on the other the issue of new shares for 700 million. The capital increase, already announced, will serve to reduce the financial debt of the company which, once the OPVS is concluded, will find itself with a net debt of 1,7 billion, already expensed the costs of the listing expected to be around 70 million. it will now remain to be seen at which point in the range the final offer price will be identified. At the moment, a free float of 35-40 per cent is assumed for total funding between 2,4 and 3,2 billion.
NEXI ON THE STOCK EXCHANGE, WHO ENTERS AND WHO EXITS
The listing of Nexi will open the door to a reorganization among the shareholders. The company was born in 2017 from the ICBPI group (Central Institute of Italian Popular Banks)-Cartasì with the entry into the capital of Advent, Bain Capital and Clessidra. The entry of new shareholders is matched by the downsizing of the banks which two years earlier had sold part of the shares in their possession. Today the share held by the former co-operative banks is 7% and Nexi's Opvs could be an opportunity for some to leave permanently, collecting a good capital gain. According to the indiscretions published by Il Sole 24 Ore, Banco Bpm (1,6%) and Credito Valtelline (1,3%) could sell their shares in IPO. Popolare di Sondrio (1,3%) and Ubi Banca (0,6%) could also join them. 7%, at the price values indicated for the IPO, could be worth from 378 to 450 million.
NEXI ON THE STOCK EXCHANGE, THE TIMELINE
According to the rumors collected by MF, Nexi would arrive on the price list in the week of Easter, hypothetically on April 16th. Today, Wednesday 27 April, the green light is expected from Borsa Italiana while Consob is expected to make its decision early next week.
