Italian cosmetics firm Intercos jumps 15% on market debut (updated)
02/11/2021 09:17
(Adds details, comments, updates shares)
By Elisa Anzolin
MILAN, Nov 2 (Reuters) - Shares in Italian beauty products
manufacturer Intercos ICOS.MI rose more than 15% on its market
debut on Tuesday, after Milan's biggest IPO of the year so far.
The contract cosmetics maker had priced its initial public
offering (IPO) at 12.50 euros per share, in the lower part of an
initial range of 12.0 to 14.5 euros per share, valuing the
company at 1.197 billion euros. urn:newsml:reuters.com:*:nL1N2RP0T5
By 0908 GMT, the stock was up 14.2% at 14.3 euros,
outperforming a roughly flat MIlan All-Share index .FTITLMS .
"Going to the market was important for us, both to have a
certain standing and to allow capital to circulate," founder
Dario Ferrari, who will maintain control of the company with
just over 40% of shares and nearly 58% of the voting rights,
said at the launch. "We will keep control of the company and can
work serenely, and if we need money, we will ask for it."
Intercos made its debut with a free float of around 26.5% of
capital, before the exercise of the greenshoe option.
Ferrari said the IPO had attracted demand for more than
three times the shares on offer.
The company had intended to list up to 50% of its capital in
the first half of 2020, but suspended that plan due to the
coronavirus pandemic, sources told Reuters at the time.
Intercos supplies make-up and skincare products to top
brands but does not disclose the names of clients.
Headquartered north of Milan, it has plants and research
centres across Europe as well as in China and the United States.
At least three other listings are expected in Milan in the
coming months, with heating systems company Ariston Group
planning to come to market by the end of the year, followed by
gaming group Sisal and energy group Eni's ENI.MI new retail
and renewable business in the first quarter of next year.
(Writing by Agnieszka Flak
Editing by Mark Potter)
((agnieszka.flak@thomsonreuters.com; +39 06 8030 7754;))