Alantra Acts as Joint Global Coordinator, Bookrunner, and Euronext Growth Advisor for the IPO of ICOP

Jul 2024

Global Coordinator, Bookrunner, and Euronext Growth Advisor

Milan – Alantra has acted as Joint Global Coordinator, Bookrunner, and Euronext Growth Advisor for the successful Initial Public Offering (“IPO”) and listing of I.CO.P. S.p.A. Società Benefit (“ICOP”) on Euronext Growth Milan (“EGM”). The company’s shares will start trading today, with the company having an initial market capitalization of €180mn.

The institutional placement of ICOP shares was completed entirely through a capital increase, raising over €30mn. This total includes the potential full exercise of the Greenshoe option, which accounts for approximately €3mn. The offering attracted significant interest from international institutional investors, with those from France and the UK representing about 50% of the order book.

Based in Basiliano, Italy, ICOP specializes in civil works, with a focus on microtunneling and foundation works, including diaphragm walls, bored piles, micropiles, grouting works, viaducts, and tunnels. The company concluded 2023 with a production value of €112mn, up 22% YoY, and an EBITDA of €15mn. 2024 EBITDA is expected to come in at around €40mn.

Stefano Bellavita, Executive Chairman & Managing Partner at Alantra Italy, said: “The listing of ICOP shows the Italian small- and mid-market’s ability to attract large, ambitious companies and is becoming a key focus for European asset managers seeking quality investments. At the same time, this IPO is a significant milestone for our Italian Equity Capital Markets team. It represents the 20th IPO the team has completed since its inception, the third IPO this year, and the fourth in the last twelve months. Following the successful IPO of NextGeo a few weeks ago, this is the second-largest ECM deal Alantra has ever advised on, with funds raised amounting to approximately €30mn. It also marks the first IPO jointly managed by our Italian and Spanish ECM teams, reinforcing Alantra’s positioning as a truly international platform.”

Piero Petrucco, CEO of ICOP, said: “Today is a day of great importance for the history of our company and a great satisfaction for the entire team that has worked and believed in this project. The excellent response from the market and investors, both national and international, is recognition of the great work of all the people in the Group and our distinctive ability to develop cutting-edge technologies that find application in highly complex projects fundamental for the development of critical infrastructure and the energy transition. The listing will contribute to the managerialization and structuring of our processes. We are confident that it will be an important accelerator to consolidate our competitive advantage, which requires constant investment in the combination of technological innovation, sustainability, and value creation for our stakeholders.”

ICOP will rank among the top 10 companies listed on EGM by post-money market capitalization, with a market capitalization of €180mn.