€161m seco ipo – Mediobanca acted as joint global coordinator, joint bookrunner and sponsor the IPO of SECO

Mediobanca acted as Joint Global Coordinator, Joint Bookrunner and Sponsor in the IPO of SECO

The IPO is the first Italian IPO on the STAR Segment in 2021, and the first one with a size > €100m on the MTA. Please find below a brief description of the IPO, successfully completed by Mediobanca, with first day of trading on Wednesday May 5th, 2021.

SECO is an Italian based Company with a strong international presence which designs and produces embedded systems and IoT solutions ranging from single microcomputer to integrated and “ready-to-use” systems as well as One-stop Industrial IoT software Platform-as-a-Service (PaaS).
Overview of SECO IPO:

  • The offer consisted in 43m shares and included a greenshoe option of c. 15% 
  • The aggregate consideration of the offering amounted to approximately €161m (including greenshoe), for an implied market cap of c. €397m and a free float equal to c. 40% of the share capital
  • Books opened on April 26th with a price range of €3.30 - €4.15 and were covered in less than 1 day on the full deal size including greenshoe
  • The IPO priced at €3.70 per share, with a final demand of more than €400m, which corresponds to c. 3x level of oversubscription.

Mediobanca was able to establish a fruitful dialogue with the market, being once again recognized by global investors as the reference bank to access Italian issuers. Thanks to its continuous effort throughout the entire IPO process, Mediobanca was able to generate a strong interest from both foreign and Italian investors.

Allocations were highly concentrated with top 10 investors taking approx.  57% of the deal and top 20 the 74% of the deal.
 
SECO IPO confirms Mediobanca’s leadership in the Equity Capital Markets space reinforcing our track record in successfully pricing IPOs and testifies Mediobanca outstanding expertise and deep knowledge of the Tech industry.

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