(Finance) –
SOGES Groupan SME active in hotel and conference hospitality within prestigious facilities, operating with the Places of Charme brand, announces that it has presented to the Italian Stock Exchange the communication of pre-admission to his negotiations ordinary shares and warrants on the Euronext Growth Milan market.
“We decided to list ourselves on the EGM market because we are convinced that this path based on the principles of transparency, solidity and efficiency is the optimal choice to help accelerate our growth path in the Ho.Re.Ca sector, the strong point of the real economy of the country”, he explains Andrea GalardiCo-founder and CEO of the company, adding “with this operation we aim to grow by acquiring new managed structures to export our hospitality philosophy based on experience and territory not only in Tuscany, but also throughout Italy”.
“We strongly believe in the added value and benefits inherent in this operation – underlines the CEO – which will strengthen our proposal on the market. Our goal is to open up to a network of partners who believe in our project based on a simple, scalable business model and effective, in a sector experiencing strong growth and full of opportunities, but tired and in need of solid and professional operators”.
The company’s core business is represented by the direct management of prestigious accommodation facilities (4 stars or period residences) located mostly in the Tuscan territory, between Florence and the Chianti area, leased/rented by the owners. The managed facilities offer a wide range of services: from catering to wellness and relaxation centers, up to conference centers and experiences in the area. Places of Charme currently includes seven of the eight structures managed: the Certosa di Pontignano, Art Hotel Villa Agape, Boccioleto Hotel Resort & SPA, Art Hotel Atelier, Borgo di Cortefreda, Villa Neroli and Podere Mezzastrada. Furthermore, the Group also manages the Park Hotel Chianti.
Over the past five years, the Company has experienced a constant growth of its hotel business, both in terms of sales revenues and customer satisfaction, confirmed by the achievement of a 2019-23 CAGR of 37.3%. The target clientele is made up of 75% international tourists, followed by nationals at 25%, with an average age over 35, and a medium/high spending budget.
SOGES ended 2023 with revenues equal to 15.8 million (+36.4% compared to 2022), a EBITDA equal to 1.5 million (EBITDA margin equal to 9.2%) up by +55.1% compared to 2022, and a Net Profit of 0.4 million. EBITDAR stood at approximately 3 million in 2023 compared to the 2022 consolidated figure of approximately 2 million. There Net Financial Position at 31 December 2023 it amounted to 3.4 million euros (net debt).
The IPO will take place entirely through a capital increase, which will be aimed at qualified investors, foreign institutional investors (excluding Australia, Canada, Japan, United States) and other investors. Resources will be used to accelerate the growth path in their reference sector, increasing the number of facilities under management and continuing in valorisation of those already in the portfolioto enhance digital innovation and, finally, to strengthen the operational structure by continuing to invest in recruiting new skills and training the Company’s human capital.
The price range was fixed between a minimum of 2.25 euros and a maximum of 2.75 euros per share, for one pre-money valuation of the Company included between 9 and 11 million.
To the shares that will be subscribed as part of the private placement, they will be combined free of charge with the “SOGES GROUP SpA Warrants 2024-2027” in the ratio of 1 warrant for every 1 ordinary share held, valid for subscribing to the conversion shares at the rate of 1 conversion share for every 3 warrants presented for exercise. Admission to trading is expected on June 10th.
(Photo: © Moreno Soppelsa | 123RF)