ENAV listing sees demand eight times offer – despite concerns over Brexit financial impact

Italy’s treasury has set a share price of €3.30 for air navigation service provider ENAV in an initial public offering that would raise up to €834 million ($919 million) for the nation’s coffers.
The capitalisation of the company will be approximately €1.79 million, calculated on the basis of the €3.30 share price and the 42.5 per cent of the company’s share capital on offer.
ENAV6The Italian treasury decided to allocate the 230 million shares – representing 42.5 per cent of the ENAV’s share capital – as follows: 207 million shares to institutional investors plus an additional 22.6 million shares as a greenshoe option (91.9 per cent) and 23 million shares to retail investors and employees of the ENAV Group.
Applications were received for a total of 1,814 million shares: including 16,413 retail investors, of which 659 were ENAV group employees, representing approximately eight times the number of shares offered in the global offering.
The first day of trading of the company’s ordinary shares is expected to be July 26.
Treasury minister Pier Carlo Padoan said the offer “closed successfully notwithstanding the turbulent phase of the markets in light of the Brexit. We are happy to underline that the demand was eight times the offer. Both Italian retail investors and employees, as well as large international and Italian investors have participated to the offer.”