Sorgenti Emiliane Modena (Sem) has withdrawn the IPO to enter the Star segment of Piazza Affari. The decision came due to the "persistence of a negative situation on the financial markets". The company, which deals with the production, bottling and distribution of mineral waters and soft drinks, however intends to re-present the offer to the market "as soon as it shows signs of greater stability".
Global coordinator of the operation and responsible for the placement of the IPO is Banca Akros, which together with Intermonte Sim is also joint leader manager and joint bookrunner of the institutional placement. Ambrosiana Finanziaria is financial advisor, while Norton Rose is legal advisor. The offer started on 1 July with a price range between 2,90 and 3,34 euros. This year is the third IPO withdrawn from Piazza Affari, after Philogen and Rhiag. The only successful IPO in 2011 was that of Ferragamo.
