MILAN, Nov 3 (Reuters) – Italian company SBE-Varvit is pushing ahead with its planned initial public offering (IPO) in Milan despite a difficult market, but has opted for a small offering that is expected to represent about 3% of its share value.
The family-owned company said Friday that it plans to offer its shares on the Milan Stock Exchange at 8.33 euros each, giving the mechanical fastener maker a total capital value of 975 million euros ($1.04 billion).
The offer runs from November 6th to 10th and if successful, SBE-Varvit will be listed on Euronext Growth Milan, a market for small and medium-sized companies with minimum entry requirements.
SBE-Varvit will offer shares currently owned by its sole shareholder, the Italian Vescovini Group, working with UniCredit and Equita SIM.
Vescovini wants to raise up to 25 million euros by selling up to 3 million shares, including an over-allotment option. It reserved the option to increase the number of shares to 3.6 million. In this case it would raise 30 million.
($1 = 0.9408 euros)
Reporting by Valentina Za and Elisa Anzolin; Editing by Federico Maccioni and Jason Neely
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