A new Special Purpose Acquisition Company (SPAC) was listed on Monday at the Aim Italia market, after having raised 47 mllion euros from institutional and professional investors to develop an insurtech project.
The Spac, named Archimede spa, is promoted by Andrea Battista (former ceo of Eurovita), Gianpiero Rosmarini and Matteo Carbone (see here a previous post by BeBeez). The fundraising closed lat May 17th with a 60 million euros order book (see here the press release). Archimede’s stock closed its firt trading session on Monday May 21st at a 10.5 euro price up from the 10 euro ipo price.
Archimede, which has a floating capital of 70.85%., has been advised for the ipo by UniCredit as global coordinator and Banca Finnat Euramerica as Nomad and Specialist. Archimede and its promoters were also advised by Trevisan & Partners law firm while the banks were supported by Gianni, Origoni, Grippo, Cappelli & Partners law firm. Kpmg is the auditing firm.
Archimede’s Board of Directors is now made of Andrea Battista (executive chairman), Gianpiero Rosmarini, Dario Trevisan, Mayer Nahum (independent member) e Carlotta De Franceschi (independent member).
Proceeds from the ipo will be used to finance the build up of the first Italian insurance company insurtech, starting from the base of Net Insurance spa, an insurance company now listed at the Aim Italia. Archimede actually signed last April an agreement to merge with Net Insurance after Archimede’s ipo (see here a previous post by BeBeez).
Archimede’s Admission document explains that “particular care will be dedicated to add insurtech solutions to developmore efficient production processes and more effective products supply” .