Home » Ariston on the stock market since November 26: the heating group is worth up to 3.9 billion

Ariston on the stock market since November 26: the heating group is worth up to 3.9 billion

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MILANO – Some numbers are revealed for Ariston’s expected listing on Piazza Affari: the landing on the Stock Exchange of the heating group, controlled by the Merloni family, is expected on November 26th.

In what is about to be the largest operation of the year for the Italian stock exchange, which has recently passed from LSE to Euronext, the indicative price of the shares subject to the IPO has been set in a range between 10.25 and 12 euros, which implies a capitalization of between 3.375 and 3.9 billion euros downstream of the offer.

The details were given by Ariston Holding, in the note announcing the admission to listing on Euronext Milan: the offer period, reserved for institutional investors, will start on Thursday 18.

“The price range for the offering implies a market capitalization of between 3.375 and 3.9 billion euros, which we believe testifies to our group’s success path so far, based on solid market fundamentals, our profile. global in the heating and domestic hot water sector, our portfolio of renewable and highly efficient products and services, our proven organic growth and our solid M&A track record “, commented Paolo merloni, executive president of Ariston Group .

The offer, which will end on November 24, unless early termination, will consist of a placement of newly issued shares, with gross proceeds expected to be around 300 million to be used “to support and develop the further growth of the group, invest and accelerate organic growth – in issues such as the digital route to market, the development of new products and technologies, and the industrial footprint – and to finance acquisitions of companies, technologies and intellectual property rights in the future “. A secondary offer of up to a maximum of 49 million shares is also planned by the current shareholders Merloni Holding and Amaranta, who will collect between 502 and 588 million, and which they will grant to Mediobanca, as the manager in charge of stabilization of the share, an over allotment option for the purchase of a further maximum 11 million shares.

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The free float is expected between 23.23% and 26.6% of the shares, depending on the exercise of the over allotment option and assuming that the offer price is set in the middle of the price range. The share capital of Ariston will continue to consist of ordinary shares and multiple voting shares, held by the selling shareholders, who will undertake a 180-day lock-up on the sale of further shares.

Mediobanca, Goldman Sachs and Intesa Sanpaolo are joint global coordinators and joint bookrunners of the offer while Bnp Paribas, Bofa, Citigroup and Equita Sim are joint bookrunners. CC & Soci is the financial advisor of Ariston while Pedersoli, Houthoff and Cravath are the legal advisors of the company and the selling partners, while Linklaters acts as legal advisor for the underwriters.

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