(Finance) – Palingeuma leading company in the geotechnical and geognostic sectors for the construction of construction and infrastructure works and for the consolidation of foundation lands or support of excavation sources, has received from the Italian Stock Exchange the provision for admission to trading of its ordinary shares and of the warrants called “PALINGEO Warrants 2024-2026”, on the Euronext Growth Milan market, a multilateral trading system organized and managed by Borsa Italiana.
There start date of trading is scheduled for Friday 16 February.
Leonardo Spada, Paolo Franzoni and Gianbattista Lippi co-founders of Palingeodeclare: “Palingeo’s listing on the stock exchange reflects the our constant desire to grow and innovate in the geotechnical and geognostics sector. Our business is based on the experience and excellence of our professionals, establishing ourselves as an Italian leader in the sectors of construction, infrastructure and land consolidation works. The listing will allow us to access additional financial resources to further support our nationwide presence, invest in research and development, and implement cutting-edge technologies in our industry. We are convinced that this step will allow us to consolidate our reference role in the market and to continue to offer high quality services to private individuals and public bodies, contributing to the sustainable development of the Italian construction sector”.
The operation saw an important participation of primary Italian and foreign investors (including the French Indépendance AM SAS with a share exceeding 5% of the ordinary shares) who appreciated the market positioning, the quality of the business model, the track record and credibility of Palingeo’s management, distinctive elements and competitive advantages that emerged during the roadshow, organized by Integrae SIM as Global Coordinator. Overall demand exceeded Euro 13 million.
Through the IPO operation, entirely as a capital increase, the overall value of the resources raised is equal to approximately Euro 8.1 million, of which approximately Euro 0.7 million deriving from the exercise of the greenshoe option. The floating of the Company post listing will be equal to 28.48% of the share capital (30.36% in the event of full exercise of the greenshoe option).
The operation also involved the issuance of warrants called “Palingeo Warrants 2024-2026”, under the terms and conditions governed by the warrant regulations available on the Company’s website.
At the outcome of thecapital increase, at the start of trading, the share capital of the Company is equal to Euro 1,296,040 and is made up of n. 6,480,200 shares, without indication of the nominal value, of which n. 5,197,700 ordinary shares and no. 1,282,500 multiple voting shares (which give the right to 3 votes for each share), the latter not subject to admission to trading and owned by FLS Holding Srl (a company attributable to Leonardo Spada, Paolo Franzoni and Gianbattista Lippi, respectively President and Managing Director, Managing Director and Managing Director of the Company), convertible into Ordinary Shares in the ratio of 1 Ordinary Share for every 1 Multiple Voting Share according to the conversion mechanisms provided for in the Issuer’s Articles of Association, available on the Company’s website.
As part of the operation, the shareholder FLS Holding signed a 36-month lock-up with the Euronext Growth Advisor from the start date of negotiations.