Initial public offering of Anima Management Holding spa (AM Holding) will start today and conclude next April 10th. It will be the first Italian big ipo of 2014 as the company has been valued (equity value) between 1.049 and 1.349 billion euros or 3.5-4.5 euro per share (download here the English press release).
Led by ceo Marco Carreri, who also leads Anima sgr, AM Holding is the parent company to Anima sgr, a leading Italian independent asset management operator, with over 48 billion euros of assets under management (as at 28th February 2014).
The ipo will consist in a global offer of a maximum no. of 164,892,260 ordinary shares, equal to 55 pct of the share capital, offered by Banca Monte dei Paschi di Siena, Banca Popolare di Milano, Lauro Quarantadue (fully controlled by Clessidra sgr on behalf of the fund Clessidra Capital Partners II) and Prima Holding 2 (owned by Lauro 42, Mps and some managers of the Anima group).
The Global Offer is composed by a Public Offer of a minimum no. of 16,485,000 shares (i.e. 10% of the Global Offer), aimed at the general public in Italy; and by a concurrent Institutional Placement of a maximum no. of 148,407,260 shares (90% of
the Global Offer), aimed at Italian and foreign institutional investors.
More in detail, AM Holding will have a free float of 55 pct of the share capital, which might go up to 63.25 pct in case of complete exercise of the over-allotment option (a maximum 15 pct of the global offer or 8.25 pct of the share capital) by the global coordinator banks (global coordinators are Goldman Sachs, Banca Imi and UniCredit; together with Ubs, they act also as joint bookrunner, while Mps Capital Services and Banca Akros are co-lead manager). Post-ipo stakes by Mps and Bpm, in case of full share placement and full over-allotment option, will be respectively 9.90 pct and 14.72 pct of the share capital.
Supervisory Authority Consob approved the Prospectus of the ipo last March 27th, following a formal communication issued by Borsa Italiana admitting the shares to be listed on the MTA of the Italian Stock Exchange.