All ready for the landing on the Nexi Stock Exchange. The go-ahead from Consob and Borsa Italiana has arrived for the listing prospectus of the company led by Paolo Bertoluzzo. It will be the largest IPO of 2019 in Piazza Affari.
As expected, the debut should take place on April 16th. Nexi has started today, 29 March, the offer of the securities whose deadline has been set for next 11 April unless extended or closed early. The estimated free float is equal to approximately 40% of the share capital.
Going into the details of the offer, which will be reserved for qualified investors in Italy and institutional investors abroad, it will take place through a private placement of shares deriving, as previously anticipated, from a capital increase with the exclusion of option rights, up to a maximum (including share premium) of 700 million, and from the sale of shares by the selling shareholders.
In particular, 125 million shares will be sold by the funds and around 21 million by the bank shareholders, which are Banco Bpm, PopSondrio, Banca di Cividale, Creval and Iccrea. There indicative valuation of non-binding price is between a minimum of 8,5 and a maximum of 10,35 euros per share.
At these figures, the value of the company is between 7,1 and 8,1 billion, while the capitalization will be between approximately 5,4 billion and 6,4 billion, including the capital increase of 700 million.
On the basis of the indicative valuation range, the number of shares subject to the offer will be between a minimum of approximately 213 million (of which approximately 146 million will be put up for sale by the selling shareholders and approximately 68 million deriving from the capital increase) and a maximum of around 228 million (of which around 146 million put up for sale by the selling shareholders and around 82 million deriving from the capital increase). Again on the basis of the indicative valuation range, the value of the offer is expected to be between approximately 1,9 billion and approximately 2,2 billion.
We recall that within the context of the offer Mercury UK grants a greenshoe option in favor of the joint global coordinators, for the purchase, at the offer price, of a number of shares corresponding to 15% of those place.
