Mediobanca acted as Joint Global Coordinator, Joint Bookrunner and Sponsor in the IPO of Ariston – the biggest IPO on the Italian Stock Exchange (Euronext Milan) since April 2019.
The IPO is a landmark transaction in the European ECM space with a total market cap of c. €3.3bn. Hence, Ariston is the 3rd largest IPO priced in 2021 and the biggest in 2H 2021 in Mediobanca core market and among the 10 biggest IPOs priced in 2H 2021 in Europe.
Ariston Group is a global player in the Heating and Hot Water sectors, with a broad offer including boilers, heat pumps, heating components, water heaters and burners, and a focus on renewable and high-efficiency solutions. The Group operates globally through several brands with primarily a regional scope, leveraging 7,415 employees and 23 production sites in Europe, Middle East, Asia and Americas.
Overview of Ariston IPO
- The offer consisted of 89.3m shares of which c. 33% primary tranche and c. 67% secondary. The offer included also a greenshoe option of c. 15% of the base deal (of which c.36% exercised, for a total amount of 82.2m shares).
- The aggregate consideration of the offering amounted to c.€842m given the partial greenshoe exercise, for an implied market cap of c. €3.3bn and a free float equal to c. 25% of the share capital.
- Books opened on November 18th with an initial price range of €10.25 - €12.00 and were covered 24 hours on the full deal size including greenshoe. The final IPO price was €10.25.
- Mediobanca was able to establish a fruitful dialogue with investors, being once again recognized as the reference investment 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.
- The IPO has been supported by three tier 1 anchor investors, engaged since the very beginning of the IPO process, proofing Ariston high standing. Generally, we saw a strong participation of top quality Long Only funds that demonstrated their receptiveness to a high-profile family owned company with exposure to the secular trend of ESG transition.
- Mediobanca played a key role in all the crucial steps of the process, being close to the client and maintaining a constant dialogue with top tier investors engaged in transactions.
- Ariston IPO confirms our unrivalled expertise in the Equity Capital Markets space reinforcing our track record in successfully pricing landmark IPOs. Moreover, it further proves and strengthens our leadership in the Industrial sector, being the 7th IPO successfully completed in the last 5 years.