Italy's De Nora IPO priced at 13.50 eur/share, debut on June 30 (updated)
28/06/2022 07:49
(Adds details)
MILAN, June 28 (Reuters) - Italy's Industrie De Nora
IPO-DENR.MI on Tuesday set a price of 13.50 euros per shares
for its initial public offering (IPO), it said, valuing the
electrode maker at 2.7 billion euros ($2.9 billion).
Its market debut, initially planned for June 29, will be
postponed by one day, the company said in a statement.
Orders for the share sale were 3.5 times the offer, the
company said, adding there was a strong demand from
institutional investors.
De Nora's IPO, which comprises new and existing ordinary
shares, marks the first successful listing on the main market of
the Milan bourse since Russia's invasion of Ukraine in February.
Several companies in Europe have decided to postpone their
IPO plans due to market volatility since.
"A lengthy preparation and fast sale process were crucial
for the success of the share sale," Paolo Celesia, Credit
Suisse's head of equity capital markets for southern Europe,
told Reuters.
Celesia added liquidity is not scarce on the market and IPOs
are possible with the right approach.
Credit Suisse and Goldman Sachs International are acting as
joint global coordinators and joint bookrunners, BofA
Securities, Mediobanca and UniCredit are joint bookrunners.
Latham & Watkins is acting as legal adviser 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 = 0.9460 euros)
(Reporting by Francesca Landini, Cristina Carlevaro and
Francesco Zecchini, editing by Giulia Segreti and Jason Neely)
((francesca.landini@thomsonreuters.com; +39 02 66129437;
Reuters Messaging: reutersitaly.thomsonreuters@reuters.net))