Italian credit management company Generalfinance plans to go public via an initial public offering on the Milan bourse next month.
As Reuters reported Wednesday (May 18), the company — which offers to finance small- and medium-sized businesses, aims to provide newly-issued shares and existing ordinary shares with an over-allotment option and a lending option granted to cover any over-allotments.
“The company expects to use the proceeds to support its growth objectives, focuses on increasing its turnover and strengthening its capital ratios, with the aim of improving its cost of funding and risk profile,” the company said in a statement.
Banca Akros and Intesa Sanpaolo – IMI Corporate and Investment Banking will serve as joint global coordinators and book-runners, while Ceresio SIM will act as lead manager, Reuters said.
According to the company website, Generalfinance has been part of the financial sector since 1982. For the last 20 years, it has offered clients a custom financial solution through the credit of trade receivables.
“Such an approach allows clients not only to obtain the mobilisation of credits, but also to benefit from a proven improvement of the collection times, besides a considerable reduction in insolvency cases,” the company said.
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PYMNTS noted Wednesday that our research had shown waning enthusiasm for IPOs and their cousin, the SPAC (special purpose acquisition companies). For example, so far this year, payment-related listings are at 12. Last year, that segment saw 40 listing announcements. The “shop” pillar has thus far seen seven listings, which pales in compassion to the 22 recorded for all of 2021.