Mediobanca acted as Joint Global Coordinator, Joint Bookrunner and Sponsor in the IPO of Philogen – the first IPO on the Italian Stock Exchange (MTA) in 2021.
Philogen is the first ever Italian IPO in the Biotech industry. The IPO represents a landmark transaction also in the European ECM space, as it is one of the few examples of biotech IPOs conducted in Europe in the recent years. Moreover, Philogen is the first deal in 2021 conducted in a non-standard market window. The transaction confirms Mediobanca’s support to Philogen and to Italian companies with a high degree of innovation and R&D.
Philogen is an Italian-Swiss biotechnology group engaged in the discovery and development of biopharmaceutical products primarily designed for the treatment of cancer. The Company currently has two products in the Phase III clinical trial, which is the last step before commercialization.
Overview of Philogen IPO:
- The offer consisted in 4.5m shares and included a greenshoe option of c. 10% of the base deal
- The aggregate consideration of the offering amounted to approximately €76m (including greenshoe), for an implied market cap of c. €690m and a free float equal to 29% of the share capital
- Books opened on February 22nd with an initial price range of €15.00 - €18.00 and were covered in less than 1 day on the full deal size including greenshoe, and after 2 days throughout the price range
The IPO priced at €17.00 per share, on the top of the tightened range €16.00 - €17.00, which has been announced on the fourth day. The final demand reached c. €212m, which corresponds to c. 3x level of oversubscription.
Mediobanca was able to establish a fruitful dialogue with both specialist and generalist accounts, 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. The IPO saw the strong participation of Italian Top quality Long Only funds that demonstrated their receptiveness to a story of high innovation and growth.
Philogen IPO confirms Mediobanca’s leadership in the Equity Capital Markets space reinforcing our track record in successfully.