Industrial Stars of Italy 2, an Italian Spac (special purpose acquisition company) promoted by Giovanni Cavallini and Attilio Arietti, obtained admission to trading on Aim Italia market by Borsa Italiana and will start trading tomorrow.
This is the second Spac that Mr. Arietti and Mr. Cavallini have launched (see here a previous post by BeBeez). This second Spac has just raised 50.5 million euros from about 60 investors in a three weeks’ fundraising
“Among investors we saw many family offices and entrepreneurs”, Mr. Cavallini told MF Milano Finanza, adding that che “this kind of investors seems to appreciate a lot the Spac instrument as entrepreneurs may decide on their own about the proposed investment in the target company. Moreover they are sure that we as the Spac’s promoters are staying in the target company’s board for 3 years after the business combination in full contact with the management team”. And the prove of that is that “in our first Spac experience we did not have any withdrawal by the Spac’s investors when the business combination with the potential target company Lu-Ve, a leading producer of heat exchanges, was announced”, Mr. Cavallini ended.
More in detail, 5.050.000 shares of Industrial Stars of Italy 2 were sold at a 10 euro price per share, while 2.525.000 warrants were delivered on a free basis to shareholders (1 every 2 shares) , while another warrant will be assigned at the business combination date to shareholders who will accept the deal. Mr. Arietti and Mr. Cavallini hanno invested 1.45 million euros each in the new Spac.
Mediobanca acted as global coordinator and joint bookrunner. Ubi Banca acts as nominated adviser and specialist. Banor sim and Panmure Gordon were joint bookrunner. Industrial Stars of Italy 2 was supported by Gatti Pavesi Bianchi for the legal issues while Kpmg is the mandated auditing firm.