Italy's SBE-Varvit aims to list, valued at 1 bln euros in cornerstone agreement
24/10/2023 09:36
MILAN, Oct 24 (Reuters) - Italian fasteners maker
SBE-Varvit said on Tuesday it aimed to list on Euronext Growth
Milan, a market dedicated to small- and medium-sized enterprises
with minimum access requirements, with a valuation of up to
almost 1 billion euros.
The initial public offering (IPO) will consist of existing
shares, sold by the sole shareholder, family-owned Vescovini
group.
An investment vehicle promoted by Italian investment bank
Equita EQUI.MI agreed a cornerstone agreement to buy shares
for at least 11.5 million euros in the offer.
The shares will be sold at a price of up to 8.33 euros per
share, giving the company an equity value of up to 975 million
euros.
The company aims to list in November, a source close to the
matter told Reuters.
Equita and UniCredit Bank AG will act as joint global
coordinator and joint bookrunner. Lazard is financial advisor.
SBE-Varvit reported revenue of 220 million euros in the
first half of 2023, with an adjusted core profit of 58 million
euros.
(Reporting by Elisa Anzolin, editing by Gianluca Semeraro,
Kirsten Donovan)
((elisa.anzolin@thomsonreuters.com; 0039 0266129692;))