MILAN, Italy Piaggio & c. s.p.a. has requested the admission of its ordinary shares to the Italian Telematic Stock Market on the 10th March 2006. The start of the sale has been planned for today, 11th July 2006.The public offer for Piaggio shares has closed with request of 2.4 times the offer. The request from the Italian and foreign institutional investors reached even three times the offered quantity. Based on this data Piaggio has decided to offer the shares in the low part of the fork (between € 2.3 and € 3) establishing the price at € 2.30 per share. Quoting the shares at € 2.3, the group of Pontedera comes to an evaluation of € 886.8 million (the capitalization would have been of € 1,156.7 million in the case it had been chosen the maximum price of € 3). The offer is composed of a general part towards the general public in Italy and a part towards the institutional investors in Italy and foreign countries including SA and excluding Australia, Canada and Japan.
The global offer of sale to institutional investors is directed by Mediobanca, Bank Caboto, Citigroup, Deutsche Bank and Lehman Brothers in quality’ of coordinators of the offer and joint book-runners, while the public offer is coordinated and directed by Mediobanca and Bank Caboto, while Mediobanca do also acts as sponsor.
The global offer is targeting the sale of 119,250,295 ordinary shares of Piaggio corresponding to 30.3% of the capital, with a minimum of 29,812,500 shares to the public (25% of the global offer) while the remainder to be for the institutional investors.
The offer to the public on the other hand is composed of an offer to the general public and an offer reserved to the employees for a maximum of 7,600,000 shares.
Piaggio is based in Pontedera/Pisa, Italy, is one of the main worldwide suppliers of PTWs. The group is controlled by the industrial holding IMMSI S.p.A. which is quoted on the Italian Stock Market.
To the Piaggio group belong Aprilia and Moto Guzzi bought on 30th December 2004 and the Spanish Derbi bought in 2001. The group has a total annual production capacity of 610,000 vehicles and it have seven production facilities (four in Italy and one each in Spain, India and China), five R&D centers and 6,300 employees. Piaggio produces PTWs from 50cc-1,200cc under its brands Piaggio, Vespa, Gilera, Aprilia, Moto Guzzi, Derbi and Scarabeo. Additionally the group produces small vehicles for light transport under its brands Ape, Porter and Quargo.
The consolidated revenue of the Piaggio group was of € 1,451.8 millions, the EBITDA reached € 184.8 millions and the net profit recorded € 37.9 millions in the year 2005.
The financial result for the group continued to improve in 2006. Piaggio recorded revenues of € 374.2 millions (+ 19.8% from € 312.3 millions) during the first three months; EBITDA reached € 43 millions (+ 75.3%); Net profit for the period was € 10.2 millions against a loss of € 10.9 millions during the same period of 2005. The net debt has been reduced to € 397.7 millions.