Intermonte Partners SIM, the controlling holding of Intermonte SIM, has concluded the institutional placement aimed at listing its shares on the AIM Italia market of the Italian Stock Exchange. The demand was approximately 3 times the 13,750,000 shares (including the 13,062,500 shares subject of the Offer and the additional 687,500 shares deriving from the Greenshoe Option) for a total value of approximately € 112 million and with a strong participation of foreign investors equal to about 40% of the entire demand.
The placement price of Intermonte shares was set at € 2.80 per share (price range was between € 2.6 and € 2.9), with a consequent capitalization of approximately € 101.3 million. The total amount of the Offer, also considering the shares covered by the Greenshoe Option, is approximately € 38.5 million (approximately € 36.6 million before the exercise of the Greenshoe Option).
The free float of Intermonte will be equal to approximately 38% of the share capital in the event of full exercise of the Greenshoe Option (approximately 36.1% of the share capital before the exercise of the Greenshoe Option).
“We are extremely satisfied with the response from investors who have shown great confidence and appreciation in our partnership model, which today is strengthened and ready to seize new opportunities on the market”, remarks Guglielmo Manetti, CEO of Intermonte, who adds: “The our positioning as a reference operator in the SME segment, our capital strength and the diversification of our business will be further developed thanks to the listing on the Stock Exchange. AIM remains a first step: we look to STAR as a point of arrival for the future and to growth also for external lines, in particular in digital services and in Investment Banking. “
The Company, the selling shareholders and the top management of Intermonte have assumed certain lock-up commitments, in line with market practice for similar transactions, for the first 12 months on all their shares; in addition, each shareholder of the Company holding ordinary shares representing more than 1% of the voting share capital of the Company, has undertaken an additional lock-up commitment, for the following 12 months, on 50% of the ordinary shares held by them at the date start of negotiations.
In addition, the top management (in the figures of Guglielmo Manetti, Fabio Pigorini, Andrea Lago, Guido Pardini and Dario Grillo) and the founding partners (Alessandro Valeri and Gian Luca Bolengo) have signed a shareholders’ agreement which provides for a lock-up of 36 months from from the start date of trading, with reference to no. 7,700,000 shares contributed by the same in the agreement, equal to approximately 24.0% of the shares in circulation, net of treasury shares, representing approximately 21.3% of the share capital.