Poste Italian Stock Exchange to 6.75 euro. The Treasury collects 3.4 billion – The Messenger

Italian Post lands on the Stock Exchange to 6.75 euro per share for a market capitalization of the company exceeds 8.8 billion euro. In a press conference at the Treasury, with some pride Minister Pier Carlo Padoan and his closest collaborators in the ministry they explained the characteristics of what is called “quote of the year in Europe”, which will lead to the State to nearly 3.4 billion euro putting on the market up to 38.2% of the company.

The price was set on the middle fork located between 6 and 7.5 euro per share. Which means that the capitalization of the company, on which negotiations will start next Tuesday in Milan Stock Exchange, exceeds 8.8 billion, reaching 8,816,000. The response of the market has been very positive, with a total demand of 3.3 times the global offering. The shares for sale were in fact 453 million in total: savers and employees has been reserved 30%, or about 136 million in minimum lots of 500 each, for a total price of each package amounts to 3,375 Euros. Employees, however, could take out even smaller lots, between 50 and 500 shares and will enjoy favorable treatment in the distribution of bonus shares, with a title as a present for every 10 held, when stored for 12 months (for the others, the bonus shares is 1 instead of 20).

Considering that the applicants, the general public were about 300 thousand, it is said that you can not please everyone: the hypothesis of a draw from the banks not it is very likely but not excluded, and still depends, according to reports, the size of the requests came from 26 thousand employees.

The division 30% public and 70% to institutional investors (essentially banks and funds), will still certainly changed, the outcome of the accession greenshoe option, ie a 10% increase (45 million shares, up to a total share of 38.2%) that can subscribe by institutional thirty days if everything will be bought at the end of the capital on the stock exchange will be for 72.7% of institutional investors and 27.3% of savers. In total, a greenshoe signed allowance, the Treasury will thus rise from the current 3,058,000,000 to 3,364,000,000 euro, all destined, as expected, “debt reduction”.

“It was a great success , which confirms the market confidence in the company and the country in which it operates, “said Padoan, praising” the great teamwork. ” And the “good job” also spoke the head of Poste Francesco Caio, convinced that the price identified is the right one because, he noted, “the price does the market, we are very happy.”

next Tuesday, then, will start the journey of Poste on the stock market, strong shareholders who, according to rumors, ranging from George Soros to Chinese funds and Kuwait (Treasury speak of “very high quality investors,” without specifying, but foreigners would be about two-thirds): an interest which, if confirmed, could lead to the sale of other tranches. The government has always talked a Quote “up to 40%”, but it was made clear, however, it would still sell for “a new Cabinet Decree.”