GVS announces plans to go public

Italian mask manufacturer GVS has announced it is preparing an initial public offering (IPO) of ordinary shares on the Mercato Telematico Azionario, organised and managed by Borsa Italiana.

The company is aiming to launch the sale this month and will list both new and existing stocks, representing 15.0 per cent and 85.0 per cent, respectively, to institutional investors.

GVS also plans to have a green shoe option whereby underwriters Goldman Sachs and Mediobanca – Banca di Credito Finanziario will have the choice to participate in the IPO.

Furthermore, the business has appointed Lazard as a financial advisor, Alirahealth as independent strategic advisor, White & Case as legal representation and Clifford Chance, which will be counselling the bookrunners on the flotation.

GVS makes masks and filter components used in ventilators and other applications.

The company has been in a prime position following the outbreak of the coronavirus as many healthcare professionals and the general public are seeking products which the business makes.

According to Zephyr, the M&A database published by Bureau van Dijk, there has been one other Italian company to make its stock market debut in 2020 so far.

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In this deal, broadband provider Unidata raised EUR 6.00 million in March.

Founded in 1979, GVS has a strong global presence, with 13 production plants in Italy, the UK, Brazil, the US, China and Mexico.

It generated adjusted earnings before interest, taxes, depreciation and amortisation of EUR 62.00 million on revenue of GBP 227.00 million in the year ended 31st December 2019.

Zephyr shows there have been 33 IPOs involving Western European companies announced in the first five months of 2020.

In the biggest of these, Dutch coffee manufacturer JDE Peet’s raised EUR 2.59 billion in its stock market debut at the end of last week.

UK-based companies Calisen, DRI Healthcare and Cabot Square Alternatives, Norway-headquartered Pexip Holding and Swiss group ADC Therapeutics, among others, have also announced plans to go public this year.

© Zephus Ltd

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