January 30, 2019 / 7:07 PM / 21 days ago

Italy's Nexi set to sign up banks for IPO this week: sources

MILAN (Reuters) - Banking services provider Nexi is expected to sign up banks as soon as this week for what is set to be one of Italy’s biggest initial public offerings in recent times, three sources with knowledge of the plan told Reuters on Wednesday.

The share sale could value the company at around 7 billion euros ($8 billion), one of the sources said, adding the listing process could be launched as soon as April.

“Any market window from then on could be the right one,” the person added.

Bank of America Merrill Lynch, Banca IMI, the investment banking unit of Italy’s Intesa Sanpaolo, Mediobanca and UniCredit are among the banks competing for a role, sources said.

Evercore is advising Nexi, all of the sources said.

A precise size for the float has not been decided yet, but one of the sources said that stakes of 30 to 35 percent have been sold in similar IPOs.

Nexi, which runs electronic payments for credit card operator CartaSi, was taken over by funds Bain Capital, Advent International and Clessidra at the end of 2015, when it was known as ICBPI.

It split in two last summer - one company to manage payments and the other to concentrate on the traditional depository and settlement bank business.

Nexi’s chief financial officer Bernardo Mingrone said last year that the three main shareholders were “long term but not forever investors,” and that they would sell their stakes in the coming years.

Reporting by Stephen Jewkes, Valentina Za, Giulio Piovaccari in Milan, Arno Schuetze in Frankfurt, writing by Giulio Piovaccari; Editing by Elaine Hardcastle

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below