Octo Telematics, a leading provider of insurance telematics services, is aiming at listing at the Italian Stock Exchange by next May, MF Milano Finanza wrote, adding that financial advisors Citi, Goldman Sachs and Mediobanca are working at filing to Borsa Italiana and Consob the ipo documents in the nexts few weeks.
The ipo will consist in a sale of part of the shares owned by actual shareholders and will target solely institutional investors in italy and aborad aiming at a floating capital of 35% at least.
Ceo Fabio Sbianchi told Reuters in October 2016 that tOcto Telematics’ Board of Directors had asked the managemnt to prepare an exit strategy back in January 2016 and that the exit might have been reached ina number of ways through a sale to industrial, strategic or financial investors or through an ipo (see here a previous post by BeBeez).
Octo Telematics is now controlled with a 68.5% stake by Russian group Renova (in turn owned by Russian oligarch Viktor Vekselberg), while Pamplona private equity fund owns a 26.5% stake and the managers owns a 5%.
Renova had bought 100% of the company from Charme private equity firm and its coinvestors Amadeus Capital Partners and Keensight Capital in February 2014 and the managers reinvested for a minority (see here a previous post by BeBeez). Pamplona fund then entered in the company capital in a second phase.
Octo Telematics reached 239 million euros in revenues in 2017 with 117 millions in ebitda. That is why the shareholders are looking for a 1.2 billion euros enterprise value for the company. However it seems that their advisors are more keen for a one bllion euros valuation, which anyway means an 8.5x ebitda multiple and a 350 million euros cash in for Renova and Pamplona.
Octo Telematics announced the acquisition of Ubi (Usage-Based Insurance) insurance assets from Willis Towers Watson.