Alantra acts as Euronext Growth Advisor and Global Coordinator to Kruso Kapital on its IPO

Jan 2024

Euronext Growth Advisor and Global Coordinator

Milan – Alantra, the independent global mid-market financial services firm, has acted as Euronext Growth Advisor and Global Coordinator to Kruso Kapital S.p.A. (“KK”) on its IPO on Euronext Growth Milan – Professional Segment.

Kruso Kapital, established in October 2018, is a financial player active in the pawn credit business and in the field of art auctions. The company operates through a network of 14 branches situated in Italy, 1 in Greece, and 16 in Portugal. KK positions itself as a pan-European player in the world of alternative finance and in particular in the area of short-term credit. In November, the company launched a new mobile application for the digitization of the entire pawnbroking process through the use of blockchain technology. In 2022, the pro forma results, including the acquisition of the Portuguese company, revealed an intermediation margin of €18.4m and a net income of €2.7m in relation to approximately €120m of disbursed loans. At the consolidated level, the company approved the results for 9M23 (unaudited), showcasing a net banking income of €14.1m (29%+ YoY), and a net income of €2.4m (60%+ YoY).

The share price was set at €1.86, positioned at the upper limit of the range approved by the company. The market capitalization at the time of listing is estimated to be around €46m.

Stefano Bellavita, Managing Partner at Alantra and Head of Equity Capital Markets in Italy, stated: “In a still challenging scenario for mid-caps capital raises, we’ve secured the presence in the book of several institutional and professional investors.  We are incredibly proud to have completed this IPO in such challenging market conditions.”

This transaction builds upon Alantra’s solid ECM track-record in Italy, with the team completing its 18^th IPO since the launch of the ECM practice.