Banca Sistema, an independent bank specialized in financing and managing trade receivables owed by the Italian Public Administrationha, announced yesterday a 3.50-4.35 euro per share ipo price range. The latter means an equity value for the bank of 246.5-306.3 million euros, before the capital increase which will be proposed with the global offer (see here the press release).
Last April Banca Sistema filed a request with Borsa Italiana for the admission to list and trade its ordinary shares on the Mta. Admission has been asked for the Star, a special segment dedicated to midsize companies with a capitalization of less than 1 billion euros, which voluntarily adhere to and comply with high transparency and high liquidity requirements (at least 35% of free float) and have corporate governance in line with international standards. Banca Sistema also filed a request with Consob, the Italian markets authority, for the approval of the Prospectus concerning the Public Offering and listing of its shares (see here a previous post by BeBeez).
Banca Sistema spa was once called Banca Sintesi and was the object of a management buy-in structured in 2011 by ceo Gianluca Garbi (former ceo of MTS market and head of public sector business at Commerzbank).
Back then Banca Sintesi was sold by Cassa di Risparmio di San Miniato to British private equity Rbs Special Opportunities Fund (who now owns a 46.69% stake, through Sof Luxco sarl), to bank foundations CR di Alessandria, CR di Pisa and Fondazione Sicilia (who now own a 8,45% stake each); and to the managers (who own a 26.38% stake, through the newco Società di gestione delle partecipazioni di Banca Sintesi; the new is in turn controlled by a 50% stake by ceo Garbi). So it is reasonable to expect that the most part of the shares’ sale will come from the portfolio of Rbs fund.