MILAN (Reuters) – Italian Post has set the indicative price range of the public offer of sale in 6-7.5 euro per share, a range that gives the whole company a value between 7.8 and 9 , 8 billion euro, with the state that prepares well to collect up to about 3.7 billion to be allocated to debt reduction.
In what is the biggest privatization in recent years, the Ministry of Economy has announced that it will be selling 453 million shares, corresponding to 34.7% of the share capital of the Post Office. It ‘also provided a greenshoe option, 10% of the offer, which could bring the free float to 38.2% of capital. Under these conditions, the Treasury could then collect between 3 and about 3.7 billion (including the greenshoe).
30% of the offer will be reserved for the general public and employees, while the remaining 70% to institutional investors.
To make the IPO more attractive, the Board of Directors of Poste approved a generous dividend policy for the years 2015 and 2016 (to be distributed respectively in in 2016 and in 2017) with a payout of at least 80%, as explained in a statement that also announced the go-ahead of IPO Consob.
This will also include a series of incentives for retail. In detail, the general public which will retain the ownership of the shares for twelve months will be given a bonus share for every 20 employees, who will be guaranteed minimum two lots for a total of 100 shares will receive one free share for every ten held if maintained for twelve months. For lots subsequent treatment will be the same as the general public.
‘IPO will start next Monday, October 12, and will end on October 22 (for employees a day before).
Imi Bank, BofA Merrill Lynch, Citigroup, Mediobanca, UniCredit act as coordinators of the global offer and jointbookrunner. Even Credit Suisse, Goldman Sachs, J.P. Morgan, Morgan Stanley and UBS are joint bookrunners.
Rothschild is acting as financial advisor to the Italian Post Office, while Lazard is the financial advisor of the Treasury.
(Elisa Anzolin)
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© Thomson Reuters 2015 All prior written Reuters.
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