The IPO of Unieuro kicks off this morning. The majority shareholder, Italian Electronics Holding (Ieh), 70,5% owned by the private equity fund Rhone Capital II (together with Dixons Retail and the Silvestrini family with management), puts 42,5% of the capital up for sale , which could rise up to 48,88% if the greenshoe option is exercised. The expected collection is 150 million.
As for the price, the range is between 13 and 16,5 euros per share: this means that the valuation of the company fluctuates between 260 and 330 million euros. Institutional investors (to whom the offer is reserved) could be attracted by the dividend, 20 million for the financial year ended 28 February (dividend yield equal to 6%) and in the coming years the goal is to distribute to shareholders no less than 50% of profit.
