Pirelli’s public sale offer will begin on September 18 and end on September 28th. This is what is learned from the same company, which some days ago made it known that Consob gave way to the publication of the prospectus. The quotation will be at an indicative price of between 6.3 and 8.3 euros, corresponding to a capitalization of between 6.3 and 8.3 billion euros.
“The IPO,” Pirelli explained, “will begin on September 18 at 09:00 and end at 13:30 on the 28th. The institutional placement will begin on September 18 and will end on 28, except for early extension or closure.” And, we add, Pirelli to overtake AIB with largest European IPO this year.
The offer will for Pirelli IPO cover a maximum of 350 million ordinary shares, corresponding to 35% of the capital, of which a minimum (10%) will be allocated to retail investors, while the remaining 90% will be devoted to institutional placement reserved to investors qualified in Italy and institutional investors overseas, for a total value of nearly $11 billion (read more on Pirelli Reportedly Racing to Milan IPO Valued at Nearly $11 Billion)
The minimum bounty will be 500 shares, while the minimum bounty will be 5,000 shares. Institutional placement will also provide a greenshoe option in favor of joint global coordinators
It is also envisaged to provide an over-allotment option, always in favor of the joint global coordinator, to borrow a maximum of 50 million shares for a possible over-allocation in the institutional placement.
As part of the offer of Banca Imi, J.P. Morgan and Morgan Stanley will act as Joint Global Coordinator and Joint Bookrunner, while BNP Paribas, BofA Merrill Lynch, Goldman Sachs International, HSBC, Mediobanca and UniCredit Corporate & Investment Banking will act as Joint Bookrunners. Banca Imi will also act as Sponsor for the listing of Shares on the Stock Market, as well as in the position of Head of Placement in the public offering. Ing Bank N.V., Banks Akros, and Natixis will act as Co-Managers, while Lazard as the financial advisor.