On July 21, the Italian government sold a 42.5% stake in air traffic controller ENAV for €3.30 per share, raising a total of €759m ($836m) and making it the first European IPO of more than $200m since Brexit.
As a trusted financial platform partner, Dealogic helped the global coordinators and bookrunners seamlessly execute the transaction through the DealManager network.
Transaction Details
Issuer: ENAV SpA
Nationality: Italy
Industry: Transport
Deal Value ($m): 836
Deal Type: Privatization IPO
Global Coordinators: Barclays, Credit Suisse, and Mediobanca
Bookrunners: Intesa Sanpaolo, JPMorgan, and UniCredit
Key Points
- EMEA’s largest privatization IPO in the Transport sector since Poste Italiane’s $3.5bn IPO in October 2015; and the third largest privatization IPO globally this year
- Italy’s largest IPO since Poste Italiane
- First European IPO of more than $200m since the Brexit vote on June 23
- Since Brexit, there has only been $1.3bn in IPO volume from issuers in EMEA (of which ENAV accounts for 65%), with July issuance of $1.1bn potentially the lowest monthly level for the region since January ($35m). This compares to current July volumes of $3.6bn in Asia Pacific and $1.9bn in the Americas
Top 3 Global Privatization IPOs in 2016 YTD
- Dong Energy – $3.0bn | Denmark | Jun 2016
- ASR Nederland – $1.2bn | Netherlands | Jun 2016
- ENAV – $836m | Italy | Jul 2016
Top 3 EMEA IPOs since June 23, 2016
- ENAV – $836m | Italy | Jul 2016
- Societe d’Exploitation des Ports – Marsa Maroc – $195m | Morocco | Jul 2016
- Investis Holding – $167m | Switzerland | Jun 2016