Tamburi Investment Partners spa (TIP) will buy a total consideration of 2.85 million shares of Italian cosmetic producer Intercos in ipo (see a previous post by BeBeez), the company announced yesterday (download here the press release).
More in detail the investment holding TIP undertook to buy 570.749 on top of other shares it said was going to buy during the offer in order to come to own a number of shares representing the 3.125% of the total amount of the company’s shares existing before the capital increase related to the offering.
That decision gives credit to market rumors telling that the offer is facing some difficulties in being entirely subscribed. The offer is addressed solely to institutional investors and will terminate today.
As for today TIP already owns 17.94% of Dafe 4000 srl‘s capital, one of the veichles controlled by Intercos’s founder Dario Ferrari. Dafe 4000 srl owns a 41.17% stake in Intercos’s capital. The offering is relative to 48.42 million shares representing the 44.18% of the company’s shares after the ipo (48.60% if the greenshoe option is completely exercised). A maximum of 18.28 million shares are coming from a capital increase while the remaining 30.14 million shares are on sale from Ferrari’s veichles Dafe 3000 srl and Dafe 5000 srl.
Intercos, a leading third-party producer of colour cosmetics for international brands, has an equity value estimated between 319.6 and 410.9 million euros, corresponding to a price range of 3.50-4.50 euro per share.
Banca Imi, BofA Merrill Lynch and UBS are joint global coordinators and joint bookrunners. Bnp Paribas acts as joint bookrunner and Banca Aletti as co-lead manager. Banca Imi acts also as sponsor and, should the company satisfy conditions for STAR admission, will also act as specialist. Rothschild is the financial advisor of the company and the selling shareholders, whereas Morri
Cornelli e Associati is the advisor of the controlling shareholder.
The company’s legal advisors are Lombardi Molinari Segni and DLA Piper, while Linklaters acts as legal advisor to the joint global coordinators and the joint bookrunners. EY is the company’s independent auditor.
