Italian payments services company Nexi SpA has filed an application with the Italian stock exchange to list its ordinary shares on the bourse in April.
The IPO, which was first proposed in the beginning of March, comprises a capital increase, excluding pre-emptive rights, of newly issued shares with a total expected value of between €600 million and €700 million, the company said March 18. Existing shares will also be listed to meet the minimum free float requirements set by the Italian bourse.
Nexi noted that the final structure of the offering will be determined immediately before its launch in April, subject to market conditions and approvals from the stock exchange and Italian securities market regulator Consob, with a greenshoe option expected to be provided as well.
Earlier, people familiar with the matter told Bloomberg News that the firm seeks to raise as much as €2.7 billion in the IPO. The firm — which expects its net financial position to be between 3x and 3.5x normalized EBITDA, including the initiatives, by 2019-end — will use proceeds from the capital increase to reduce its financial liabilities.
Additionally, the company said it is finalizing a new loan agreement, subject to the completion of the IPO, to refinance part of its outstanding debt following the listing.
BofA Merrill Lynch, Banca IMI, Credit Suisse, Goldman Sachs International, and Mediobanca SpA, will serve as joint global coordinators on the deal, and as joint book runners alongside Banca Akros SpA, Barclays Bank PLC, Citigroup Global Markets Ltd., HSBC, MPS Capital Services, UBI Banca SpA, UBS Investment Bank and UniCredit Corporate & Investment Banking. Evercore will serve as financial adviser to Nexi on the IPO.
In terms of the loan agreement, Banco BPM is serving as IPO credit facilities coordinator, while UBI Banca SpA is acting as IPO rating adviser.