Italy's De Nora family to hold controlling stake in group after IPO (updated)
23/06/2022 17:06
(Adds voting rights and details on the company, changes a
figure)
MILAN, June 23 (Reuters) - Italy's De Nora family will keep
a controlling stake in their electrode-making company which aims
to list next week while gas grid operator Snam SRG.MI will
hold a "relevant" share, De Nora Industrie's Chief Financial
Officer Matteo Lodrini said.
De Nora Industrie, founded in 1923, is seeking to raise 200
million euros ($210 million) in fresh cash through its initial
public offering (IPO), which could value the company at up to
3.28 billion euros. urn:newsml:reuters.com:*:nL8N2Y91UX
The group, which reported an 80% rise in turnover in the
first quarter of 2022 from a year earlier, has three business
areas. As well as its main electrode business, it also makes
systems for water filtration and waste water treatment as well
as components to produce green hydrogen.
Snam holds a 36% stake and De Nora brothers Federico and
Michele hold a combined share of almost 64%, the IPO prospectus
showed. Both shareholders will dilute their ownership with the
upcoming IPO. They will keep three voting rights per every share
of the company they will own, the IPO prospectus shows.
The Garrone family, which is the controlling shareholder of
Italian energy group ERG ERG.MI , will commit to buying shares
for up to 100 million euros, De Nora said.
"I can't rule out that (the Garrone's) stake will rise," De
Nora Chief Executive Paolo Dellacha told Reuters on the
sidelines of a press conference.
Lodrini said the company aims to have a 20% free float.
Credit Suisse and Goldman Sachs International are joint
global coordinators and joint bookrunners, BofA Securities,
Mediobanca and UniCredit are joint bookrunners.
Latham & Watkins is acting as legal advisor to the company,
legal firm Pedersoli is advising the De Nora family and Clifford
Chance is advising the joint global coordinators and joint
bookrunners.
($1 = 0.9506 euros)
(Reporting by Francesco Zecchini; Editing by Emelia
Sithole-Matarise and Susan Fenton)
((Francesco.Zecchini@thomsonreuters.com;))