UBH plans IPO on Italy's Expandi market by second quarter 2008 |
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Wed, 21 Mar 2007 14:23
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MILAN (AFX) - United Business Holding, which controls real estate agency brands Grimaldi and Professionecasa, plans to list its shares on Italy's Expandi market by the second quarter of 2008, said its chairman Umberto Botti in an interview with Finanza & Mercati's monthly magazine.UBH is currently 60 pct owned by Botti, 15 pct by Banco Popolare di Verona e Novara, and the rest in the hands of UBH's management.'The IPO will take place exclusively by issuing new shares,' Botti told the magazine, with the funds raised to be used to finance the company's growth.The group plans on having more than 1,100 real estate agencies by end-2007 from the current 900, with turnover rising to 50 mln eur from 35 mln in 2006.Global coordinator for the IPO is Banca Aletti.UBH is comprised of 14 companies active in the real estate intermediation, mortgage services, services connected to franchising and development.By 2010 Botti told the magazine the group will also start real estate trading activity.UBH also has a new start-up called Abitando which provides furniture solutions at competitive prices.yael.schrage@thomson.comysc/gpCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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