Alantra acts as Euronext Growth Advisor and Global Coordinator to Edil San Felice on its IPO

Sep 2023

Euronext Growth Advisor and Sole Global Coordinator

Milan – Alantra has acted as Euronext Growth Advisor and Global Coordinator to Edil San Felice S.p.A. Società Benefit (“Edil San Felice”), an Italian specialist in maintenance services to critical infrastructures on its IPO on Euronext Growth Milan.

Edil San Felice is active in both ordinary maintenance, where activities are carried out on an ongoing basis aimed at maintaining the conditions of usability of unchanged roads; and in the area of extraordinary maintenance where specific interventions are carried aimed at compensating for a lack of ordinary maintenance and/or managing emergency situations, for tier 1 highways operator (e.g Autostrade per l’Italia, ANAS, etc…). The company posted Eu34.3mn Value of Production and Eu6.9mn EBITDA in FY22, while it closed its 1H23 with preliminary figures at Eu21.2mn VoP and Eu5.3mn EBITDA.

The placement was aimed at qualified Italian and foreign institutional investors, successfully closing with c.€12.0 million capital raise (among capital increase and share sale in case of full exercise of greenshoe option) and a price set at €2.53 per share. Invitalia S.p.A., National Agency for Investment and Economic Development owned by the Italian Ministry of Economy, acted as anchor investor in the deal. Market capitalization at listing will be at ca. Eu48.7mn.

Stefano Bellavita, Managing Partner at Alantra and Head of Equity Capital Markets in Italy, stated: “Notwithstanding the Italian equity markets for mid-cap is still very volatile and most of Italian investors are not willing to engage in new IPOs, we’ve secured the presence in the book of government-backed agency Invitalia and several long-term national and international institutional investors. We are incredibly proud to have completed this IPO in such challenging market conditions.”

This transaction builds upon our solid ECM track-record in Italy, with the team completing its 17th IPO since the launch of the ECM practice.