UBI's IWBank valued at 239.8-329.8 mln in IPO

UBI's IWBank valued at 239.8-329.8 mln in IPO

	Published : Thu, 10 May 2007 10:56 By : Agencies Print this Story

MILAN (Thomson Financial) - UBI Banca's online banking and trading unit IWBank said it had filed to list a maximum of 13.385 mln share at a price of 3.6-4.95 eur each, valuing the unit at 239.8-329.8 mln eur.

The offer will run from May 14-18 with the final price being announced by May 22 and settlement for the shares and the first day of trading set on May 23.

IWBank said 7.000 mln shares will come from a capital hike and the residual 6.385 mln will be sold by Centrobanca SpA and Qwerty SpA. An additional maximum of 1.338 mln shares will be sold by way of a greenshoe option.

Some 49.5 pct of the shares will be sold to the Italian retail public and the rest to institutional investors.

Of the retail offer, 16.3 pct will be reserved for the general public, 8.2 pct for employees and collaborators of the bank and 75.5 pct for bank clients.

The price set for employees and collaborators is of 3.24-4.455 eur.

If all shares are placed the free-float of the bank will be of 18.18 pct and 20 pct if the greenshoe option is fully exercised.

The institutional offer envisages a 10 pct over-allotment option for at most 1.338 mln shares.

Based on the minimum and maximum price, revenues from the offer, net of commissions, are seen coming in from a minimum of 46.7 mln eur to a maximum of 64.3 mln eur. From the capital increase revenues go from a minimum of 24.4 mln eur and a maximum of 33.6 mln eur.

Global coordinator, sole bookrunner and listing partner for the offer is Euromobiliare SIM while sole book.

Clifford Chance is the transaction counsel for the company and the selling partners, while Gianni, Origoni, Grippo & Partners is the legal adviser for the global coordinator.

yael.schrage@thomson.com

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