Banca Sistema, an independent bank specialized in financing and managing trade receivables owed by the Italian Public Administration, will sell a maximum of 38.98 million shares on the market representing 48.47% of the company’s share capital.
The bank just obtained the go-ahead for the ipo by Borsa italiana and Consob in the last few days and announced the global offering started and will last till next June 29. Listing on the Italian Stock Exchange market is seen to start at the beginning of July (see here a previous post by BeBeez and download here the press release).
The bank announced on June 18 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 offering.
The global offering actually includes a 10 millionshares capital increase for a value ranging between 35 and 43.5 million euros. So, In the event of full subscription of the capital increase, the company’s capitalization would amount bewtween 281.5 and 349.8 million euros.
The global offering  consists also in a 28.98 million shares sale. The vendor will be just one of the atual shareholders that is Rbs Special Opportunities Fund (today owning a 46.69% stake in the bank through Sof Luxco sarl). The private equity fund is also ready to selle the whole stake it actually owns if the over allottment option (3.98 million shares) is execised.
The global offering includes a public offering to retail investors regarding 3.9 million shares or 10% of the total number of shares on sale, while the remaining 35.08 million shares will be offered to institutional investors.
Banca Sistema’s ceo and shaerholder, Gianluca Garbi, told at a press conference last June 19 that proceeds from the capital increase will be used to finance the growth of the factoring core business and the development of new business such ad SMEs financing and consumer credit. Moreover Garbi said that Banca Sistema will monitor the market in order to pcik m&a opportunities in the factoring business.
