RE and Res Coima idea, ok Consob IPO, uncertainty of dates with an eye on the markets – Reuters Italy

MILAN (Reuters) – Idea RE and Coima Res, after getting the green light from Consob to publish the prospectus, warm up the engines to land on the Stock Exchange and become Siiq, although the timing remains uncertain, given the turbulence recorded on the equity markets so far this year.

According to what emerged this morning from the two aspiring Siiq newsletter Consob (listed property investment company) would have to launch the IPO this week; Res Coima to the start date of the placement was even that of today.

In the publication of the supervisory authority had indicated dates and times, but soon came the details, official or not: the dates contained in prospectuses and then in the newsletter Consob were only indicative calendars and completion of IPO will be announced later, perhaps with a look at the market conditions, which these days holds its breath operators.

Coima Res, who denied that the offer will start today, it intends to offer 30 million shares resulting from a capital increase, which will add any other 22.5 million shares at a fixed price of ten Euros. The collection could then reach 525 million euro.

Even Idea RE Siiq adopt a fixed price of ten Euros to sell 42.6 million shares, which could add an additional 20 million shares. In this case the harvest could reach 526 million. In the newsletter we talked about un’avvio public offering Wednesday.

“Right now there are many problems around. It tends more to act to preserve, rather than undertake new initiatives. It does not seem a good time (for the IPO),” says Roberto Lottici fund manager Ifigest.

So far this year the FTSE MIB lost just under 7%, the European benchmark FTSEurofirst 300 about 6.5%. Sales hit the major exchanges, including concerns about the situation in China, geopolitical tensions in the Middle East and oil prices at the lowest levels in over a decade.

Last year the only two real estate companies that have attempted to going public with an IPO have since withdrawn the offer: first Domus Res and then Source Res, that still on the Milan Stock probably will come from other sources after buying 80.3% of Nova Re Aedes.

(Elisa Anzolin)

On www.reuters.it other news Reuters in Italian. The top news also on www.twitter.com/reuters_italia

© Thomson Reuters 2016 All prior written Reuters.