Home Business M&A and generous dividends, the business cards of Intermonte knocking on Piazza Affari. All the details of the IPO

M&A and generous dividends, the business cards of Intermonte knocking on Piazza Affari. All the details of the IPO

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Everything is ready for the IPO of Intermonte Partners SIM, the controlling holding of Intermonte SIM. The offer will be functional to the admission to trading of its shares on the AIM Italia market, dedicated to small and medium-sized enterprises with high growth potential. The founding members in recent weeks have revealed the prospect of arrive in the future at the Star in Piazza Affari.

The independent investment bank specializing in institutional brokerage, research, capital markets, M&A and advisory on the Italian market today presented the Pre-Admission Notice to Borsa Italiana. “The IPO is an important step in the evolution of our partnership model that allows us to strengthen our positioning as a leading reference operator in the SME segment, and accelerate business development, particularly in digital services and Investment Banking. , also for external lines. The more flexible capital structure will increase the commitment of the partners and will favor the attraction of new skills and talents essential to continue our growth path ”, commented Guglielmo Manetti, CEO of Intermonte.

Offer to go tomorrow

The project for the listing of the Company’s shares on AIM Italia provides for the institutional placement of a maximum total of no. 13,750,000 ordinary shares, which will be offered by over 60 Intermonte shareholders, divided between 13,062,500 shares for sale, 687,500 additional shares, corresponding to approximately 5.3% of the Shares for Sale and subject to the Greenshoe option, offered by some Intermonte shareholders in favor of the Global Coordinator. The shares put up for sale, including those subject to the Greenshoe option, total 42.8% of the shares in circulation and therefore net of treasury shares held (or 38.0% of the entire share capital represented by 36,195 .500 ordinary shares).

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The offer is aimed exclusively at qualified investors and foreign institutional investors (with the exception of Australia, Canada, Japan and the United States of America).

The price range indicative of the shares of Intermonte was set between a minimum price of € 2.60 and a maximum price of € 2.90 per share, corresponding to an overall market capitalization of the company, net of treasury shares, of between approximately 83, 6 million on the basis of the minimum price and approximately 93.2 million on the basis of the maximum price (the range, including treasury shares, corresponds to an overall capitalization between approximately 94.1 million and approximately 105 million).

The book building period will start on Wednesday 6 October.

Agreement between top management and founding shareholders with 3-year lock-up

In the context of the listing on AIM Italia, the Company, the selling shareholders and the Company’s top management will undertake 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, will undertake an additional lock-up commitment, for the following 12 months, on 50% of the ordinary shares held by them at the date of start of negotiations.

The top management composed of Guglielmo Manetti, Fabio Pigorini, Andrea Lago, Guido Pardini and Dario Grillo and the founding partners (Alessandro Valeri and Gian Luca Bolengo) will sign a shareholders’ agreement that provides for a 36-month lock-up from the start date of the negotiations, with reference to a total of 7,700,000 shares contributed by the same in the agreement, equal to approximately 24.0% of the shares in circulation, representing approximately 21.3% of the share capital.

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Want to grow by external lines

The equity story of the Intermonte group revolves around 4 pillars the company lists by presenting the listing process. “It is an integrated and independent investment bank, based on a successful partnership model, with an important focus on the segment of medium and small Italian companies; has a highly profitable and diversified business model on four business areas (Investment Banking, Global Markets, Sales & Trading, Digital Division & Advisory) which grow in a balanced way, with a low consumption of capital, and which all contribute to the harmonious development of revenues; has recently further diversified its business into the club deal segment; has one of the most solid capital positions among Italian financial companies with a significant excess of capital that can be used to seize possible interesting opportunities for external growth in strategic sectors and to support a generous dividend policy; “Excellent remuneration” for shareholders through a constant dividend distribution policy, with an average payout in the last two years of over 90%; and finally it indicates interesting opportunities for further growth, also for external lines, in the digital channel and in investment banking “.

In first half of 2021 Intermonte saw revenues jump by 60.8% to 24.2 million euros, and net profit climb by 205.7% to 5.5 million. The company reports that the capital structure, one of the most solid among Italian financial companies with significant excess capital, is characterized by a Total Capital Ratio of 41.2% as at 30 June 2021.

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