Italia Independent goes public
Italia Independent Group debuted on the Milan Stock Exchange Friday, June 28. The Italian Stock Exchange gave the company a green light to list on Milan’s AIM (alternative investment market), the segment of the Italian exchange for SMEs. The Italian company was founded in 2007 by Lapo Elkann, the grandson of Gianni Agnelli, majority shareholder with 64%, and by Giovanni Accongiagioco and Andrea Tessitore. The company is active in eyewear with the Italia Independent brand, but it also owns a communications company (Italia Ideas) and other business interests.
525,000 ordinary shares are being offered, 425,000 of which come from a capitalization increase and 100,000 sold by the current shareholders, or the equivalent to 23.7% of total share capital. The share price was set at 26 euros per share, valuing the company at 57.4 million euros.
The company’s IPO was set up as an institutional placement and is being exclusively offered to qualified Italian and foreign institutional investors. This placement generated three times more demand than the amount offered for 60% Italian investors and 40% foreigners.
The Italia Independent’s public offering should enable the company to raise 13.6 million euros, 11 million of which would come from the capitalization increase.
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