Italian payments group Nexi's initial share sale drew strong investor demand on its first day, with bookrunners saying orders exceeded the amount on offer in what is likely to be one of Europe's biggest listings this year.
Nexi, which is striving to cut its debt, said on Friday it planned to list up to 43.2 percent of its capital in an offer which at the top of the price range of 8.5-10.35 euros would value it at 6.4 billion euros.
The bookrunners said the offer had been oversubscribed, including the so-called greenshoe option allowing for extra shares to be issued.
Books for the offer are due to stay open until April 11, but could close earlier. The company's market debut is expected on April 16. Controlled by private equity firms that bought it from a group of Italian banks in 2015, Nexi operates in the fast-growing payments business, which McKinsey expects to reach $3 trillion a year in revenue by 2023 as more people ditch cash.
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