Cerved set its initial public offering price at 5,1 euro per share yesterday evening meaning that the Italian business credit data provider will make its debut on the Milan bourse on June 24 with a stock market value of 995 million euros (download here the press release).
Cerved narrowed the price range to 5.0-5.25 euros per share from 5.0-6.5 euros last morning after institutional investors asked for a shrinking of the price range in the lower end due to a concentration of ipos in Europe these weeks in order to make room for all in their portfolios. In Italy Fineco Bank (Unicredit group) and Fincantieri are still on the market with their offerings while soon Sisal will come.
Enterpise value for Cerved is then around 10x 2013 ebitda versus 13x for its biggest international competitors such as Experian and Equifax, both active on an international level while Cerved just makes revenues in Italy.
Cerved ipo closed yesterday afternoon at 4 pm Italian time. The ipo was covered more than two times at the final price. The global offer was for 84 million shares or 43.1% of the shareholders capital, partly (39 millions) coming from a partial sale of shares in CVC Capital Parnters’ portfolio and partly (45 millions) from a capital increase (see a previous post of BeBeez).