Unieuro electronics apparel retail chain filed Borsa Italiana for admission to listin on the italian Stock Exchange and submitted the ipo prospectus to the Italian financial markets superivosry authority Consob.
The group has been at work with an ipo project for about two years (see here a previous post by BeBeez) but now times are mature and Unieuro formally said it is looking for listing by H1 2017 even if rumors are that the listing might happen before Easter already.
The ipo will not consist in a capital increase but solely in a sale of part of the stake owned by the unique shareholder Italian Electronics Holdings, which is in turn controlled by Rhône Capital II (with a 70.5% stake), by Dixons Retail (about 15%), by the Silvestrini family (9,88%) and the management. Moreover the offer will be reserved solely to institutional investors and the floating capital might be around 35-40% so that the compny might be listed on the Star segment.
Citigroup, Credit Suisse and Mediobanca act as joint global coordinator and joint bookrunner, UniCredit is bookrunner and Mediobanca is also sponsor and specialist.
The group managed by ceo Giancarlo Nicosanti Monterastelli will define its valuation on the basis of its 9-months results on November 30th 2’16 as FY 2016-2017 ended last February 28th, MF Milano Finanza writes today. Unieuro reached 1.2 billion euros in the 9 months with a 38.1 million adjusted ebitda and a net profit of 0.9 millions. FY 2015-2016 had closed with 1.57 billion euros of consolidated revenues, 66 millions of ebitda and a net profit of 10.6 millions, while the group had 26 million euros of net financial debt (of which 25 millions of debts towards Unicredit , Banco Bpm , Iccrea, Intesa Sanpaolo Iccrea Bancaimpresa e la Banca Popolare dell’Alto Adige).
As for MF Milano Finanza, Unieuro is said to have an enterprise value in the range of 390 and 430 million euros. The group will pay a 30 million euro dividend next September and will guarantee e pay-out dividend policy of more than 50% of adjusted net profits.
