€64m Carel Industries ABB - Mediobanca acted as Joint Bookrunner

Accelerated bookbuilding (“ABB”) of Carel Industries S.p.A (“Carel”):

On Monday 4th January 2020, Mediobanca, acting as Joint Bookrunner together with Goldman Sachs, successfully completed the accelerated bookbuilding offering of 3.58m Carel ordinary shares, corresponding to c. 3.6% of the Company’s share capital.

The shares were sold by Luigi Nalini S.a.p.a., an investment vehicle representing the Nalini Family, one of the founders. The transaction was aimed to increase the current free float of the Company and allow for a greater liquidity of the shares.

The aggregate consideration of the offering amounted to c. €64m. In relative terms, the offer size represented around 80x trading days based on L3M ADTV.

After a successful wall-crossing exercise with ~20 investors, the book has been covered in less than 2 hours with more than 35 accounts. The ABB was priced at €18.00 with a discount equal to 6.83%.

At final price, the deal has been covered ~2 times with UK and US top quality accounts. Approx. 70% of the share were allocated to Long Only investors. The stock reacted well in the aftermarket, closing above the ABB price the day after the transaction.

Mediobanca has constantly covered the stock since its IPO and represents the point of reference for investors.

Mediobanca demonstrated once again its strong relationship with the Company and its Shareholders, having acted as Joint Global Coordinator in the IPO (June 2018) and Joint Bookrunner in the first ABB.