Generalfinance: IPO on Euronext STAR Milan – raised €38,9 m

Banca Akros acted as Joint Global Coordinator and Sponsor.

The following is a brief description of Generalfinance S.p.A.’s IPO, which was successfully completed for a total Offer amount of approximately €38.9 million.

• Generalfinance is a financial intermediary specialising in a niche in the factoring market, offering ‘tailor-made’ financial and credit management services to distressed companies. The company ended 2021 with a Net Banking Income of about €23 million and a Net Orofit of €9.5 million. The ROE and CET1 ratios at the end of 2021 were 42% and 9.3%, respectively.
• The Offer related to: (a) No. 2,807,792 newly issued Shares deriving from the capital increase (with exclusion of the option right pursuant to article 2441, paragraph 5, of the Italian Civil Code) resolved by the Company at the service of the Listing; and (b) No. 2,597,133 Shares deriving from the sale by the shareholder Crédit Agricole Italia S.p.A, including the 491,356 Shares underlying the over-allotment option (to service the possible exercise of the greenshoe option).
• The Offer period started on 17 June 2022 and ended on 23 June 2022. The first day of trading on Euronext STAR Milan is 29 June 2022.
• The Offer Price was set at €7.20 per share and the Company’s capitalisation at the first day of trading was €91.0 million (including the Capital Increase of €20.2 million). The free float at the time of listing, considering the full exercise of the greenshoe option, is 37.6%.
• The Offer received strong interest from leading institutional investors, with a total demand, at the Offer price, of approximately €65.8 million.
• Banca Akros acted as Joint Global Coordinator and Sponsor, confirming its ability to:
  • provide quality services throughout the entire process, staying close to the customer at all crucial stages of the transaction;
  • make equity placements in particularly uncertain and challenging market environments, attracting demand from major institutional investors thanks to the activity of the sales desk;
  • converting equity stories with a high level of distinctiveness into value.

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