Italy's Ariston Thermo aims for Milan IPO in November - sources
16/09/2021 15:34
MILAN, Sept 16 (Reuters) - Family-owned Italian heating
solutions group Ariston Thermo is working to float 25-30% of its
capital on the Milan bourse in November, two sources close to
the matter said on Thursday.
Ariston Thermo has picked Mediobanca, Intesa Sanpaolo and
Goldman Sachs as global coordinators for its initial public
offering (IPO), the sources said.
The group, fully owned by Italy's Merloni family, reported
revenues of 1.66 billion euros ($2 billion) in 2020 with
adjusted core earnings of 244 million euros.
Ariston Thermo, which competes with Sweden's NIBE Industrier
NIBEb.ST and U.S. firm A O Smith Corp AOS.N , could be valued
at double digit multiples to core earnings, a market source
said, suggesting the float could be one of the biggest listings
on the Milan bourse this year.
Ariston Thermo's IPO, along with an offer being considered
by Italy's biggest make-up supplier Intercos, would mark a
welcome revival for the Milan stock exchange where only three
companies have listed on the main market this year. urn:newsml:reuters.com:*:nL8N2QA4U8
Representatives for Ariston Thermo, Mediobanca, Intesa
Sanpaolo and Goldman Sachs declined to comment.
In an interview in March with a weekly supplement of
Corriere della Sera daily, Ariston Thermo Executive Chairman
Paolo Merloni said wanting to pursue an acquisition could be a
trigger for a stock market listing.
"We have been and would like to be an active part in the
consolidation of the sector. It's a role we've always played
through acquisitions," he said.
Ariston Thermo, which produces a wide range of products from
water heaters to heat pumps and burners, is based in Italy's
central Marche region and employs 7,400 people worldwide.
Thermal comfort solutions for domestic, commercial and
industrial spaces are the main source of group revenues, 89% of
which are generated outside Italy, mainly in Europe, according
to the firm's website.($1 = 0.8507 euros)
(Reporting by Elisa Anzolin; editing by Valentina Za and Elaine
Hardcastle)
((elisa.anzolin@thomsonreuters.com; 0039 0266129692;))