DoBank to be listed in the Stock Exchange as of the 14th July at 9 euro per share
The bank specialized in Npls will have a market capitalization of about 704 million euro excluding its own shares.
DoBank is going towards its debut at the Stock Exchange: the company has closed the placement exclusively addressed to institutional investments. The start of the negotiations on the Screen-based stock exchange is expected by Friday 14th July.
The offer price for the shares is set at 9 euro, with a capitalization equal to approximately 704 million euro excluding its own shares (namely 1.75 million). The buyers would be mostly international institutional Funds.
The shareholder Avio ( a Luxemburgish vehicle society 50% owned by Siena Holdco, a subsidiary of the Funds managed by Fortress Investment Group, and 50% by Verona Holdco, a subsidiary of Eurocastle Investment Limited, a company listed on the Euronext in Amsterdam) has fully exercised the faculty of increase.
The institutional placement has therefore concerned 34.7 million shares put on sale by Avio including 6.2 million on which the seller has exercised the faculty of increase. It is 44.3% of the registered capital.
The total earnings from the institutional placement, which the shareholder/seller Avio is exclusively entitled to, including the commissions recognized to the banks of the consortium, without considering the potential exercise of the greenshoe option, will be equal to 312 million euro.
DoBank was born by the former Uccmb, the vehicle company for the management of non performing loans of Unicredit acquired three years ago by Fortress with a competitive auction. In July of last year, the same DoBank acquired the control of Italfondiario, the other big management platform of the investment giant Fortress.
The operation led to the creation of the biggest independent national group for the management and collection of non performing loans: with a 58% quota for 81 billion of managed non performing loans (related to a market of 140 billion altogether), DoBank is not aiming, however, at the consolidation in the industry after its entry at the Stock Exchange. “There may be rather acquisitions in some secondary business”, explained the management during the acquisition.
The gross earnings of the company were in total around 206 million in 2016 with 64 million Ebitda and a margin of 31%.
Concerning the listing, Citigroup, Jp Morgan and Unicredit have acted as joint global coordinators and joint book runners, and Banca Akros as a Co-lead manager, Rothschild Global Advisory has been instead advisor of the company and of the seller. Finally, Legance and Tremonti Romagnoli Piccardi e Associati have been the legal firms consulted for the operation of entering Piazza Affari.