Still struggling for the Sea IPO. Yesterday evening, a few hours after the conclusion of the placement, which will end today at 13, according to Radiocor, orders were just under 40% of the book. Despite the influx of some quality foreign subscriptions, the orders themselves continued to arrive slowly yesterday and at the moment, despite the company hoping for a last-minute backlash this morning, the situation remains critical.
All hypotheses remain open, including that of a renunciation of landing at Piazza Affari. When today the management of the airport manager meets with the placement banks, led by Mediobanca, to assess the situation, it will not only be the quantity of orders that will weigh, but also and above all their quality, which will eventually determine the price of the IPO.
This latter element is particularly important for the Province of Milan, which in the placement should sell its 14% of Sea with the aim of avoiding breaching the stability pact. On the other hand, the hypothesis of an extension of the placement seems excluded: the disputes between shareholders, an element which certainly weighed on the progress of the operation, in fact risk continuing in the future as feared by the same integration of the information prospectus.
