Cofle, a company active in the design, production and worldwide marketing of command systems and control cables for the off-road vehicles, automotive and after market automotive sectors, has announced that it has presented the pre-admission, functional communication to Borsa Italiana. the admission to trading of its shares on the Euronext Growth Milan market.
The price range, according to the press release, was set between a minimum and a maximum of 13 euros and 17 euros per share; the company’s pre-money capitalization will range between 65 million and 85 million euros. The Company’s shareholders have allocated 15% of the ordinary shares held pre-IPO to the service of a price adjustment share mechanism if the company does not reach the result threshold relating to Adjusted Ebitda for the year 2021: 13 million euros (Ebitda Target). The operation provides for the assignment of warrants in favor of those who have subscribed or purchased shares in IPO (in the ratio of 1 warrant for every 4 shares) and in favor of selected directors, employees and / or collaborators of the company and / or of the company controlled by it. Cofle shareholders are expected to grant the global coordinator an option to purchase shares up to a maximum countervalue of € 2.25 million, corresponding to approximately 15% of the number of shares subject to the private placement, in order to hedge the repayment obligation deriving from the over allotment option in the context of the private placement. This option may be exercised, in whole or in part, within 30 days following the start date of trading. The bookbuilding phase is scheduled between 2 and 8 November.
“Today we are taking the first step towards listing on the stock exchange, certain that it is the best path to increase and consolidate our competitive positioning in the market, both nationally and internationally – says Walter Barbieri, president and CEO of Cofle -. We believe that listing on the Euronext Growth Milan market will allow us to have important resources to strengthen and improve our production capacity and Research and Development activities, thus allowing us to accelerate the launch of new innovative products and systems with high added value, as well as the acquisition of new customers “.