The privatization of Poste Italiane it is "a strategic structural reform for the country". According to the Treasury Secretary, Pier Carlo Padoan, which this morning presented the company's listing at a press conference at the Ministry of Economy.
At the end of the placement, which closed yesterday, the State sold a total of 453 million ordinary shares, equal to 34,7% of the capitalshare which will rise to 38,2% in case of full exercise of the greenshoe option. 30% of the offer was destined for retail, while the remaining 70% went to institutional investors (respectively 27,3% and 72,7% considering the greenshoe).
Il placement price it is attested to 6,75 € per share, at half of the range initially defined (between 6 and 7,5 euros). In a moment of high market volatility, evidently, the Treasury has preferred not to force its hand, placing the value at a level that should allow the security to maintain the IPO price from next Tuesday, 27 October, the day on which Poste Italiane will make its debut on the Milan Stock Exchange. "The market will set the price, which is always right - commented Francesco Caio, CEO of Poste -, but we are very happy".
Based on the value of 6,75 euros per share, total revenue for the state amounts to 3 billion and 50 million, but will reach i 3 billion and 364 million in case of full exercise of the greenshoe. There capitalization of the company instead reaches share 8 billion and 816 million.
“The proceeds will be destined to debt reduction, which for a country like Italy is a fundamental economic strategy – continued Padoan –, even if the main tool to bring down the debt/GDP ratio continues to be growth”.
as to total question, exceeded by 3,35 times the offer. From retail 25% of the requests arrived, equal to 387 million shares, 2,85 times the minimum quantity intended for the public and employees. The remaining 75% of the demand came from institutional investors, who requested one billion and 134 million shares, 3,6 times more than the quota reserved for them.
Among the most important new shareholders - according to Radiocor - are the Chinese sovereign wealth funds China Investment Corporation (Cic) e Safe (State Administration of Foreign Exchange), the Kuwait Investment Office e Norges Bank. In any case, no institutional investor will have a stake exceeding the relevant threshold of 2%. Strong demand also from international operators, starting with Blackrock e George Soros.
"We have a book of the highest quality - underlined the director general of the Treasury, Vincenzo La Via - both in terms of the type of institutional investors and geographical distribution". The head of the ministry's technical secretariat, Fabrizio Pagani, added that "all types of investors are present and there is great satisfaction with the response from international investors, but also from Italian investors, not just retail, who have responded to this important call".
After recalling that the privatization plan will continue in the coming months with Enav and State Railways, Padoan pointed out that “that of Poste is the most important quotation of the year in Europe and one of the most important in recent years. The markets have rewarded the strategic operation carried out by Poste's management – concluded the minister –, confirming their confidence not only in the company's industrial plan, but also in our country”.
