Ariston IPO is enticing play on green energy wave
17/11/2021 11:10
(The author is a Reuters Breakingviews columnist. The opinions
expressed are her own.)
By Lisa Jucca
MILAN, Nov 17 (Reuters Breakingviews) - The family-owned
maker of heat pumps and water heaters is going public in Milan
at a valuation of up to 4 bln. With demand
for energy-efficient heating systems set to boom, it’s in a
sweet spot. A discount to rivals A. O. Smith and NIBE Industrier
should help inflate demand.
Full view will be published shortly.
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CONTEXT NEWS
- Ariston, a maker of heat pumps and water heaters
controlled by Italy’s Merloni family, said on Nov. 16 it would
price its shares at between 10.25 euros and 12 euros in its
upcoming initial public offering in Milan.
- The offering will consist of a private placement of newly
issued shares expected to raise around 300 million euros of
gross proceeds. In addition, the company will offer up to 49
million existing shares. A further 11 million shares may be
offered under a so-called overallotment option.
- Ariston said the offering implies a market capitalisation
of between 3.4 billion euros and 3.9 billion euros.
- Ariston expects the company will have a free float of
between 23.2% and 26.6% of total shares.
- The group reported a 25% increase in revenue to 1.4
billion euros in the first nine months of 2021. Over the same
period, Ariston’s adjusted EBITDA was 191 million euros, up
35.5% year-on-year.
- The shares are due to start trading on Nov. 26.
(Editing by Peter Thal Larsen and Oliver Taslic)
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