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Piovan has started the listing process at Borsa Italiana

Marketing - Wednesday, 26 September 2018

The Italian Group Piovan has announced that, as approved by its competent corporate bodies, it has started the activities for listing its ordinary shares on the Mercato Telematico Azionario organized and managed by Borsa Italiana, and should the specific requirements be met, on its Star Segment, as the case may be.

The free float for the purposes of listing of the shares will be realized through a private placement exclusively reserved for qualified investors in Italy and institutional investors abroad pursuant to Regulation S of the Unites States Securities Act of 1933, as subsequently amended, and, in the Unites States of America, limited to “qualified institutional buyers” pursuant to Rule 144A of the Securities Act, with the exclusion on any country in which the offer of financial instruments is not permitted without specific authorization of the relevant authorities, in accordance with applicable laws or by way of exception to such provisions.

The Shares to be offered in the offering will be sold by Pentafin, the controlling shareholder of the company.

The terms and conditions of the offering will be determined before the commencement of the offering. A greenshoe option is also expected to be provided in connection with the offering. As of the date of this announcement, it is expected that the free float will be between 35% and 40% of company’s share capital. The company and the current shareholders will be subject to customary lock-up commitments.

The offering is currently expected to be lauched by the end of 2018, subject to market conditions at the time and upon the receipt of the consent in relation to the admission to listing by Borsa Italiana and the approval of the prospectus by Consob.

Goldman Sachs International and UniCredit Corporate & Investment Banking are acting as joint global coordinators and joint bookrunners. UniCredit Corporate & Investment Banking is also acting as sponsor of the admission to listing. Lazard is acting as financial advisor to the company. Latham & Watkins is acting as legal advisor to the company whereas White & Case is acting as legal advisor to the joint global coordinators. Studio associato - consulenza legale e tributaria, KPMG is acting as tax advisor to the company. Deloitte & Touche is the auditing company.

The Piovan Group is one the global leading operator in the development and production of auxiliary equipment systems for production processes for the storage, transport and processing of polymers and plastic powders. Beginning in 2015, the Group has also been increasingly active in the development and production of auxiliary automation systems for the storage, transport and processing of food powders, exploiting its leadership position, by replicating the business model previously adopted and seizing the opportunities for cross selling.

As on December 31, 2017, the Piovan Group recorded total revenues and other income of 213.3 million euros and adjusted Ebitda of 33 million euros. During the six-month period ended June 30, 2018, the Piovan Group recorded total revenues and other income of 127.4 million euros and adjusted Ebitda of 18.3 million euros.

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