Eurogroup debuts in Piazza Affari and capitalization is close to one billion – Corriere.it
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It comes from Milan and is also a bet on the future of the automotive industry, the billion-dollar IPO that stirs the still waters of recent months and breaks the long sequence of delistings in Piazza Affari. Yesterday Eurogroup Laminations – a company from Baranzate specialized in the design and production of stators and rotors for electric motors and generators, 900 million in revenues, customers such as Porsche, GM, Volkswagen – with its debut on Euronext Milan ratifies the fourth admission on the Italian Stock Exchange of 2023 and, together with the German Ionos of three days ago in Frankfurt (2.5 billion), the first shock of considerable dimensions to revive the stagnant European price lists. Eurogroup, in fact, closed its first day as a listed company nearly one billion with a capitalization of 922 million euros. Numbers that have not been seen at Palazzo Mezzanotte since the De Nora IPO in June 2022 (1.5 billion market cap).
The trend
After rising by 7% and reaching 5.90 euros, the stock returned to its opening value, 5.50 euros, with the index closing negative. “We have gathered about 140 new investors, so we are a big family, even stronger, richer, more diversified, not only Italian but international, therefore a big step,” said the CEO of Eurogroup Laminations, Marco Arduini. Following the IPO, the free float will be 42.6% and could rise to 46.8%. The reference shareholder is Ems, a vehicle of the Iori, Garibaldi, Bacchin, Zannetti, Corrada families, while Tikehau Capital, which bought 30% of the capital in 2020, will keep around 8.5% after the IPO.
Sales and markets
«Since Tikehau Capital’s initial investment, EuroGroup Laminations’ order book for the electric vehicle and automotive segment has grown more than three-fold, from 1.5 billion to approximately 5 billion, with additional orders in the pipeline of 2 .5 billion euros under negotiation», comments the fund created by Antoine Flamarion and Mathieu Chabran. “In this period, the company’s EBITDA also more than tripled”. The proceeds of the listing — managed by Rothschild, Jp Morgan, Bnp Paribas, Intesa Sanpaolo and Unicredit — will be used “to finance growth, to maintain the ability to accelerate our development, increasing production capacity and also making considerations on the forthcoming openings of new markets in the East», added the CEO. “We have two plants in China and in one, last year, we did an expansion of 28 thousand square meters and we are installing the capacity to execute the billion order backlog we have on the local market”. An obligatory development given the orders won by the big names in the car industry
. With Eurogroup Laminations Borsa Italiana has come to host 418 listed companies (224 on the Euronext Milan market, one Fia instrument on the Miv market and 193 on Euronext Growth Milan).
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