Friday May 9, 12:53 PM
Best Union extends IPO deadline to May 15 from May 12
MILAN (Thomson Financial) - Italian ticketing group Best Union Company SpA said on Friday that it has extended the deadline to subscribe to its initial public offering to May 15 from May 12 to let the value of the company 'fully emerge'.
Best Union is offering 3.90 million shares, or 42.1 percent of it share capital, at 3.4 euros to 4.0 euros each, giving the company a market capitalisation of 31.5 million to 37.1 million euros.
Banca Akros SpA and Banca Aletti & C SpA are joint global coordinators.
At the IPO presentation earlier this week, Banca Akros deputy head of Capital Markets, Giovanni Reale, said the multiples on which the price range is based, make Best Union a bit more expensive compared to its comparables.
Reale said however that if the company's prospects are taken into account, the price, based on a price to earnings ratio of 37.2 to 43.8, becomes attractive.
The final IPO price will now be set on May 17 with the stock expected to start trading on May 20.
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