MILAN — Intercos kicked off its roadshow Monday, following the Italian Stock Exchange’s approval of its application earlier this month to list on the STAR segment for small companies.
A well-positioned source said that Consob, Italy’s stock market regulator, is also likely to give a formal green light to the Italian cosmetics giant over the next few days, at which point a prospectus will be available.
Intercos, known for its sharp trend forecasting and high-tech cosmetic innovations, manufactures a vast range of products for leading beauty brands worldwide, from lipstick to powder, mascara to skin cream.
The company is offering shares ranging from about 3.50 euros, or $4.4 at current exchange, to 4.50 euros, or $5.5. It is floating 48.42 million ordinary shares, of which 18,280,130 will be newly issued. The other 30,139,870 will be offered through two firms, Dafe 3000 Srl and Dafe 5000 Srl, both controlled by Intercos president Dario Ferrari, who founded the business in 1972.
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Dafe 3000 Srl is expected to grant joint global coordinators and book runners Banca IMI, Bank of America Merrill Lynch and UBS Investment Bank both an over-allotment and Greenshoe option for up to 4,842,000 extra shares.
BNP Paribas is also a joint book runner, and Banca Aletti has been named co-lead manager. In addition to acting as coordinator and book runner, Banca IMI will be a sponsor, and if Intercos proceeds on the Italian Stock Exchange’s STAR segment, the bank will further act as specialist. Rothschild is on board as financial advisor for the company and selling shareholders, while Morri Cornelli e Associati will represent the controlling shareholder.
Intercos’ legal advisors are Lombardi Molinari Segni and DLA Piper, while the firm’s joint coordinators and book runners are represented by Linklaters. EY is acting as independent auditor.