The offering will be retail and digital. During the sales phase, priority will be given to savers and post office workers, as well as dedicated incentives such as potential stock discounts. The Treasury is selecting advisers for this process.
Poste Italiane opens the dance for its first digital public sales offer. The Ministry of Economy and the company are working on selling the second tranche, equivalent to 15% of the capital, within a month. The novelty of this operation, in addition to being The first privatization (from July 2016) which also included small savers, It will be The first digital IPO of a public company. Sources close to the file say the operation will be carried out “in a very short time”. The MEF’s economics department has started selecting advisers, including foreign and Italian banks, who will have to follow the placement process. During the sales phase, priority will be given to savers and post office employees, in addition to dedicated incentives such as possible discounts on shares.
2.5 billion operation
The project that the company’s management has been working on in recent months – after the launch of the Prime Minister’s Decree on privatization by the Council of Ministers – and for which a preliminary discussion has already taken place with Consop, offers the possibility for savers, both postal and customer, but also those who are not, to reserve and purchase the company’s securities which will also be put up for sale through the remote channels of the delivery group, and therefore through the PostePay website or app. The operation should be worth around $2.5 billion, which will be collected by the state.
Tight deadlines for presentation
But shareholders and company management should hurry up, as the IPO could launch on October 14 or 21 (the latter date is more likely). The sales pitch has a minimum duration of 3 days; in the case of the Poste IPO, which took place 9 years ago, it was 10 days. In this edition, it cannot be ruled out that it may last a few days less. However, it should close approximately 10 days before the approval of the nine-month accounts due on November 6, as we enter the blackout period on the company’s financial communications before the accounts are approved.
September 24, 2024 (Modified September 24, 2024 | 4:36 PM)
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