Novamarine SpA is heading towards a stock exchange listing.
Admission to trading is expected approximately on July 30, 2024. The decision stems from the desire to strengthen the brand's competitive positioning and continue on the growth path undertaken.
Novamarine SpA, a company active in the design, production, and marketing of high-performance pleasure and professional pleasure boats under the Novamarine brand, up to 30 meters in length, announces that it has submitted a Pre-Admission Notice to Borsa Italiana SpA, necessary for the admission to trading of its ordinary shares on Euronext Growth Milan, a multilateral trading facility organized and managed by Borsa Italiana.
The free float requirement for Listing purposes will be satisfied through a placement reserved for qualified investors in the European Union and other European Economic Area countries, institutional investors outside Italy, excluding institutional investors from Australia, Canada, Japan, and the United States, and the public in Italy (primarily customers of Banca Finnat Euramerica SpA). The offering will be conducted in such a manner, in terms of quantity and type of recipients, that the provisions regarding public offerings of financial instruments set forth in Article 1 of Regulation (EU) 2017/1129, Article 100 of the Consolidated Law on Finance, and Article 34-ter of the Consob Issuers' Regulation, and equivalent laws and regulations applicable abroad, resulting in the exclusion of the publication of a prospectus.
The offering comprises newly issued ordinary shares and is divided into two paid-in capital increases: one for a maximum of €4.000.000, including the share premium, to service the Listing, to be subscribed by qualified investors and professional clients (the Company also provides for the granting of a greenshoe option to the Global Coordinator, for a maximum of €400.000); one for a maximum of €5.000.000, including the share premium, to service the Listing, to be offered to the public in Italy and primarily to clients of Banca Finnat Euramerica SpA.
The indicative price range has been set between a minimum of €3,40 and a maximum of €3,70 per share, corresponding to a pre-money valuation of approximately €34 million to €37 million.
Admission to trading is expected to take place approximately on July 30, 2024.
"The potential IPO is the natural progression of our growth journey, which began over 15 years ago, confirming the value of a brand like Novamarine, which stands out from its competitors for the unique features and high-performance boats. We have chosen to pursue a listing to further strengthen Novamarine's competitive position and continue on the growth path we have undertaken. Our expansion project stems from growing market demand and the need to increase production. We intend to allocate the financial resources we raise to expand our production facility and develop new product lines with the innovative features that have always distinguished our boats," commented Francesco Pirro, Chairman of the Board of Directors and CEO of Novamarine.
In the admission to trading on Euronext Growth Milan, Novamarine is assisted by: Banca Finnat Euramerica SpA, as Euronext Growth Advisor and Global Coordinator, by TP Icap Midcap as Joint Bookrunner, by Studio Legale Gianni & Origoni as Deal Counsel, by Ernst & Young as Auditing Firm, by Deloitte as Financial Due Diligence Advisor, by MFB Partners as Advisor to the Issuer, by Clarkson Hyde as Advisor for Tax Due Diligence, Social Security Contribution Due Diligence and for the circulation of non-accounting data and by CDR Communication Srl as Advisor to the Company for Investor Relations & Media Relations.
The Company informs that it will promptly communicate any developments regarding the procedure for the admission to trading of the Shares on Euronext Growth Milan.
Novamarine SpA, founded in 2008, has its operational headquarters in the Olbia nautical hub, Sardinia. Thanks to the contribution of brothers Andrea and Francesco Pirro (the company's majority shareholders, through Sno Capital Srl) and innovative technology developed over 30 years of research and innovation, the company has established itself in the nautical sector, producing pleasure boats up to 30 meters in length. The company's 2023 financial year ended with all economic indicators posting double-digit growth compared to 2022. Production value in 2023 amounted to €27,2 million, up 13,0% from €24,1 million in 2022. Revenues for the 2023 financial year amounted to €24,8 million, up 19% from €20,9 million in 2022, confirming a steady increase in business, guaranteed by the effectiveness of the Company's commercial and business strategies. Revenue growth was driven, in particular, by the sale of larger vessels compared to the previous year.
The Adjusted Ebitda of €4,9 million recorded growth of approximately +122% compared to the previous year with an Adjusted Ebitda Margin of 19,7% (10,6% in 2022).
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