(Finance) – First4ProgressSearch Investment Vehicle promoted by First CapitalCapital For Progress and CFO SIM, has made a investment of 12.5 million euros in the initial public offering (IPO) that is leading to Piazza Affari Generalfinance, financial intermediary specialized in factoring for distressed SMEs. The company led by Massimo Gianolli will be listed on Euronext STAR Milan starting from June 29, 2022with an initial capitalization, based on the IPO price, of 91 million euros.
On June 8, 2022 First4Progress and Generalfinance had signed the investment agreement, by virtue of which F4P had undertaken to adhere to the IPO under certain conditions. The Search Investment Vehicle joined the IPO with a total order of € 12.50 million, of which € 4.68 million referable to Generalfinance shares which will be kept in the portfolio by F4P itself (corresponding to a participation of 5.1% of the share capital) and 7.82 million euros on behalf of the bondholders who requested redemption in kind with Generalfinance shares.
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