Sem (mineral waters), debut on the Stock Exchange

   The IPO of Sem, Sorgenti Emiliane Modena, a company active in the private label of mineral water for large-scale distribution, got underway today. The resources raised on the market will all be invested in acquisitions maintaining a contained financial leverage, not exceeding a 1:1 ratio with the Ebit.
   Vice-President Aldo Balugani said so during the press conference to present the listing: since it is a highly fragmented sector, it is necessary to use all the 43,5-50,1 million euros that the company aims to raise. The offer, all as a capital increase, will end at 16.30 pm on 12 July with a price range between 2,9 and 3,34 euros per share for a total of 13 million shares. Once the funding phase has been concluded, growth through external lines will also be completed in a short time: "We want to complete the acquisitions by the end of the year", said Balugani.
   The target are some small-medium companies, but "a little less small than those acquired so far". The company represents a novelty in the panorama of Piazza Affari, being the first specialized in the sector of production and bottling of mineral water but also of soft drinks and bottles of water for the office. Among its clients Conad and Coop. “A year ago the prospects were better, but I think the market is able to select”, commented Balugani speaking of the market prospects. And it gave greater visibility to a topic dear to future shareholders: dividends. “This year we didn't give them because it seemed more market friendly to get listed on the stock exchange without doing so” he said, specifying that in the future “there must also be satisfaction for investors, every year”.
   The operation is divided into an institutional placement, which concerns 85% of the shares, and a public offer (15%). In the event of full subscription of the shares offered, Sem will have a maximum capitalization of 93,5 million. The granting of a greenshoe option, equal to 15% of the global offer, is envisaged. In the event of full subscription of the global offer and exercise of the greenshoe option, Sem's free float will amount to 49,9% of the share capital. Global coordinator of the operation is Banca Akros, which also acts as placement manager for the public offering and sponsor and specialist. Together with Intermonte Sim it then acts as joint lead manager and joint bookrunner of the institutional placement.