The Italian Sea Group, an Italian company that produces yachts, has announced its intention to listed on Piazza Affari. The placement will involve newly issued securities but also shares sold by GC Holding, the parent company controlled by Giovanni Costantino, the company's managing director.
In detail, explains a note, the company will offer new shares created with a capital increase that aims at gross inflows of approximately 50 million. GC Holding will provide an over-allotment option to hedge potential over-allotments which will be further supported by a greenshoe option provided by GC Holding.
The Italian Sea Group and GC Holding will undertake lock-up commitments.
Giorgio Armani and Alychlo Nv, the investment company owned by the entrepreneur Marc Coucke's family, have severally undertaken to subscribe and/or purchase shares at the offer price for a total number equal to approximately 15% of the post-offer outstanding capital.
The Italian Sea Group intends to raise gross proceeds of approximately 50 million euros from the placement of the newly issued shares and expects to use the net proceeds mainly for the implementation of its strategic objectives.
In particular, the company aims to consolidate its market position in the large luxury yachting sector, focusing on the construction of yachts up to 100 meters in length, entering into collaboration agreements with brands in the luxury sector and "archistars" and increasing its production capacity also through the purchase of European shipyards.
Intermonte Sim spa and John Berenberg, Gossler & Co. will play the role of joint global coordinators and joint bookrunners. Intermonte Sim spa will also act as a sponsor for the purposes of the listing.
After the placement, GC Holding will remain the majority shareholder of the company.
