The initial public offering (IPO) of Italian container glass manufacturer Zignago Vetro closed on 31 May 2007 with demand from institutional and retail well in excess of the number of shares on offer….
The initial public offering (IPO) of Italian container glass manufacturer Zignago Vetro closed on 31 May 2007 with demand from institutional and retail well in excess of the number of shares on offer. According to financial sources, the institutional quota was 10 times oversubscribed, while the retail quota was oversubscribed by a factor of 5. On 3 June 2007 the company said the shares in its IPO are being priced at EUR 4.50 each, in the middle of its price range of EUR 4 – 5 per share. The roadshow for the IPO travelled to Milan, London, Paris, Frankfurt and Geneva. Pioneer and Fidelity showed the most interest among institutional investors, although interest was also received from Axa and Socit Gnrale. In Germany, part of the quota could have be optioned by Allianz. The operation should see 25.5 million shares being offered, or 31.9% of the share capital. In the event of the greenshoe option being exercised in its entirety, the float would reach 35%. At EUR 4.50 per share the company would be worth EUR 360 million. Trading in the shares is due to start on 6 June 2007.
