Borsa Italiana welcomes ENAV to MTA

Borsa Italiana welcomes ENAV to MTA

  • €759 million raised at IPO
  • Fourth company to join MTA market in 2016

On the 26th July 2016, Borsa Italiana welcomed ENAV to the Main Market (MTA).

With a workforce of 4,200, ENAV provides air navigation services to its numerous customers and all airlines that fly over Italian airspace.

ENAV raised €759 million at the time of IPO, with a free-float of 42.5%, giving the company a market capitalisation of around €1.79 billion.

Barclays Bank PLC, Credit Suisse Securities (Europe) Limited e Mediobanca–Banca di Credito Finanziario S.p.A. acted as global coordinators and, together with Banca IMI S.p.A., J.P. Morgan PLC and Unicredit Corporate & Investment Banking, as Joint Bookrunner for the Institutional Placement. Mediobanca acted as Placement Manager for the Public Offer and Sponsor. Equita SIM acted as financial advisor, while Rothschild Global Advisory was the financial advisor for the Ministry of Economy and Finance.

Raffaele Jerusalmi, CEO of Borsa Italiana and Director of Capital Markets of London Stock Exchange Group, said:

“The ENAV IPO has been a great success and was oversubscribed by eight times, reflecting the strong investor demand. This shows that, even during the most challenging times, financial markets are able to respond positively to companies, like ENAV, which have positive growth stories. This IPO strengthens Borsa Italiana’s position as a point of reference for important international investors with more than 8000 funds and 1460 investment houses active from all continents”.

The listing of ENAV is the fourth company to float on the MTA Market so far in 2016.