Alantra Advises on the IPO of NEXT GEOSOLUTIONS EUROPE, the largest company listed on Euronext Growth Milan

May 2024

Euronext Growth Advisor

Milan – Alantra is pleased to announce that it has advised international marine geoscience and offshore construction support service provider NEXT GEOSOLUTIONS EUROPE (“NextGeo”), on its Initial Public Offering (“IPO”) and listing on the Euronext Growth Milan (“EGM”). The shares of NextGeo commenced trading on 22 May 2024.

Alantra acted as Euronext Growth Advisor and Joint Bookrunner, together with Banca Intesa, raising €60 million on the market from high-standing Italian and international institutional and professional investors. As a result, NextGeo’s market capitalization will amount to approximately €300 million, positioning the company as the largest listed on the EGM.

NextGeo is an international provider of marine geoscience and offshore construction support services, primarily serving the energy, infrastructure, and utilities sectors. Founded in late 2014 and part of the Marnavi Group, the largest Italian ship-owner in the offshore industry, NextGeo is recognized for its comprehensive and cost-effective solutions throughout the entire asset and project lifecycle. These services range from design and engineering to installation, inspection, maintenance, and decommissioning. Leveraging over 30 years of industry experience, NextGeo employs about 230 skilled professionals and operates a fleet of 15 advanced DP class vessels. Their offerings include consultancy, marine geophysical, geotechnical, environmental, and archaeological surveys, UXO surveys, removal and relocation, and various offshore construction support services.

Stefano Bellavita, Executive Chairman & Managing Partner at Alantra Italy, said: “NextGeo’s IPO is one of the largest on Euronext Growth Milan in recent years. Our strategy, which involved securing a significant investment from a reputable anchor investor early in the process, coupled with extensive pre-marketing and a robust roadshow, helped generate strong interest and momentum for the deal. The order book has been two times oversubscribed for a total value of c. €120mn, with strong participation from both local and international institutional investors, especially from France and the UK. The combination of asset quality, growth expectations and confidence in the management team made the IPO a predictable success. We hope that this IPO will support the reopening of the EGM market and that other mid-sized Italian companies will soon be able to renew their expansion plans by listing on this market.”

The listing of NextGeo marks the 19th IPO advised by Alantra’s ECM team in Italy. Alantra will continue to advise NextGeo as Euronext Growth Advisor.