June 19, 2020 / 10:46 AM / 17 days ago

Italian filter maker GVS boosts European IPO market with stellar debut

MILAN/LONDON (Reuters) - Shares in Italian filter maker GVS GVS.MI rose more than 20% in their stock market debut on Friday, giving Europe’s stuttering listings market a boost during the COVID-19 pandemic.

The deal, along with JDE Peet’s JDEP.AS debut at the end of May, also demonstrated that such deals can be completed virtually, with visits of GVS premises replaced by video clips of their factories, and management meetings conducted online.

The initial public offering (IPOs) is the first on the Milan bourse’s main market in 2020 and the second-biggest in Europe, at 570 million euros ($639 million).

Shares in the family-owned company, which supplies filtration solutions for the healthcare and automotive sectors, rose 20.2% to 9.8 euros per share by 0930 GMT, after shares were priced at 8.15 euros, valuing the firm at 1.43 billion euros.

GVS, whose revenues have been boosted by stronger demand for protective masks and filters for medical ventilators during the pandemic, said that demand for its initial public offering was 6 times higher than the amount of shares offered.

U.S. Investment firm Capital Research and Management Company agreed to buy a 9.3% of the offering before the IPO started and to buy 3.26% of GVS capital afterwards.

Goldman Sachs and Mediobanca are the global coordinators of the deal and Lazard is the financial adviser.

Reporting by Elisa Anzolin and Abhinav Ramnarayan; Editing by Pravin Char

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