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This article was published on Oct. 23, 2015 at 10:22.
The last change is the October 23, 2015 at 14:14.
The price of the Italian Post IPO was set at 6.75 euro per share. This was announced by Minister of Economy, Pier Carlo Padoan, during a press conference. The Treasury will cash with the listing of the Italian Post Office to EUR 3.364 billion, if the greenshoe option is exercised. Padoan added that the sum shall be used to reduce public debt, “which is essential to economic policy. But the most important strategy “to reduce debt – the Minister said -” is economic growth. “
The prices of ‘Poste is an important part of the government’s strategy,” is “a structural reform ». Economy Minister confirmed that the strategy of privatization of government will continue in the coming months with ENAV and Railways. This operation “has been a great success” – said Padoan – “the most important made in the EU this year, which confirms the market confidence in the country.”
The numbers of the operation
The application was equal to 3.35 times the offer. Applications were received for 1.52 billion shares by 303,536 applicants, including 26,234 employees of Poste Italian. This was communicated by the MEF in a statement on the results of the operation. Based on the placing price of 6.75 euro per share capitalization of the Company corresponds to approximately 8.816 billion euro, reminds the Ministry of Economy.
During the press conference it was confirmed that the general public and employees will be allocated 30% of the global offer of the Italian Post Office, while institutional investors 70 percent. Consequently the proceeds from the IPO Treasury Poste amounted to 3.058 billion euro. Sum that would rise to almost 3.4 billion if it were fully exercised the greenshoe option entirely, says the MEF, which would bring the institutional to 72, 7% of the offer of the Italian Post Office, while the retail should the remaining 27.3% to ‘ public offering. Institutional investors, which is likely the greenshoe have 30 days to exercise the option. The date of payment and the start of trading is scheduled for October 27.
The company’s objectives
The Minister addressed a Padoan a wish to stakeholders and a thank you to the top management, “the company full – employees, managers and top managers – are you my best wishes for the future: the stock exchange is an opportunity to increase efficiency and choose innovation as a lever for growth future. The plan prepared by senior management will be a sure guide to meet the ambitious targets of the company. “
At the press conference at the Ministry of Economy also participated
Francesco Caio, CEO of Poste Italian: “We are very happy,” the outcome of the listing said: “We did a good job, we brought Italy around the world,” stressing the interest of the financial community to the listing of the Italian Post. “The price does the market, and the market is always right,” said Dick.
To privatize any other shares of the Italian Post Office, as well as that giàcollocata, “serves another Cabinet Decree.” It is because, explained the Treasury, during the press conference in which ‘was presented the outcome of the sale by the actions of Poste ahead of the IPO, adding that if the decision is up to the government
Funds sovereign Chinese, Norwegian and Kuwaitis between subscribers
SWFs Chinese China Investiment Corporation (CIC) and Safe (State Administration of Foreign Exchange), the Kuwait Investment Office and Norges Bank are – according to Thomson Financial results – some of the investors that have received major packages of relief measures to the Italian Post Office term placement which ended yesterday. No institutional investor will Poste shareholder with a holding above the threshold of 2%. Strong demand from international operators starting with the large US funds with BlackRock and George Soros who received shares. Confirmed the initial structure of the transaction. 70% of the shares offered for sale by the Ministry of Economy and Finance has gone to institutions, 30% to retail. With the possible exercise of the greenshoe option will drop the institutional ‘to 72.7%, retail 27.3%.
Institutional investors that joined IPO of the Italian Post Office is’ top quality’ . This was stated by Director General of the Treasury, Vincenzo La Via, during the press conference of presentation of the operation. “We have a book of very high quality – explained – both in terms of types of institutional investors that the geographical distribution. But it is still too early to talk about the details. ”
The head of the technical secretariat of the Ministry, Fabrizio Pagani, he added that “we have all type of investors in the book, there is great satisfaction with the response of international investors but also of Italian investors, not just retail, that responded to this important call. “
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