Italian cosmetics company Intercos pulled its public share offering yesterday evening, blaming deteriorating financial market conditions that have forced other companies across Europe to re-think their listing plans. The offer was addressed solely to institutional investors and had to close yesterday.
The decision came just hours after French energy services group Spie announced it was scrapping its planned ipo, cancelling what would have been France’s biggest listing since before the financial crisis while a few days Italian internet company, ItaliaOnLine, made the same decision and pulled its planned listing on the Milan stock exchange.
“The company considers that sharply deteriorating market conditions in recent days will not allow for an accurate reflection of the company’s intrinsic value and potential,” Intercos said in a statement (download here the press release).
That Intercos’s books might not be fully covered was a doubt that the ipo global coordinators had on Wednesday evening already and prove had been that Tamburi Investment Partners undertook to buy 570.749 on top of other shares it said was going to buy during the offer in order to come to own a number of shares representing the 3.125% of the total amount of the company’s shares existing before the capital increase related to the offering (see a previous post by BeBeez).
As for today TIP already owns 17.94% of Dafe 4000 srl‘s capital, one of the veichles controlled by Intercos’s founder Dario Ferrari. Dafe 4000 srl owns a 41.17% stake in Intercos’s capital. The offering is relative to 48.42 million shares representing the 44.18% of the company’s shares after the ipo (48.60% if the greenshoe option is completely exercised). A maximum of 18.28 million shares are coming from a capital increase while the remaining 30.14 million shares are on sale from Ferrari’s veichles Dafe 3000 srl and Dafe 5000 srl.