I.CO.P. S.p.A. Società Benefit: IPO on Euronext Growth Milan

ICOP is a company active in special engineering works, special foundations, underground engineering, maritime works and infrastructure. ICOP also participates in the Eteria Consortium, a construction hub together with Itinera of the Gavio Group and Vianini Lavori of the Caltagirone Group. The company closed 2023 with a Value of Production of Euro 112.2 million (of which almost 70% was generated abroad), an EBITDA of Euro 14.7 million, with an EBITDA margin of 13.1%. As of March 31, 2024, the Company boasted a backlog of contracted orders of approximately Euro 885 million.

The listing took place through the placement of n. 5,067,750 newly issued shares to primary Italian and international institutional/qualified investors, of which:

• 4,567,750 newly issued ordinary shares; and
• 500,000 newly issued ordinary shares (corresponding to approximately 10.9% of the offered shares) resulting from the exercise of the over-allotment option.

The Offer period started on 9 July 2024 and ended on 18 July 2024. The first trading day on Euronext Growth Milan will be 25 July 2024.

The Offer price was defined as Euro 5.92 per share, with a total raising of approximately Euro 30.0 million and a market capitalization at the start of trading of approximately Euro 178 million assuming the full exercise of the greenshoe option and including PAS shares not admitted to trading.

The free float will be equal to 16.8% of the Issuer’s share capital excluding the exercise of the over-allotment option (in case of full exercise of the greenshoe option the free float will be equal to 18.3%).

10% of the shares held by Cifre S.r.l. (holding of the Petrucco family and main shareholder of the Company) pre-IPO was transformed into unlisted Performance Adjustment Shares (“PAS”), which will be converted into listed ordinary shares if the Company achieves a 2024 EBITDA equal to at least Euro 40 million.

The Offer received strong interest from primary Italian and international institutional investors (around 50% of overall demand), with a good level of pre-greenshoe oversubscription.

Banca Akros – Gruppo Banco BPM acted as Joint Global Coordinator and Joint Bookrunner, with a team formed by Giulio Greco (Head of Equity Capital Markets), Antonello Sgobba (Director), Marco Valsecchi (Associate) and Rita Vizzi (Analyst).

The transaction – which was successfully concluded in particularly challenging market conditions – confirms Banca Akros’ role as a key player in the mid-market segment for IPO transactions.

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