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CLASS

SECO, downward debut on the STAR Segment

May 06, 2021


Abstract : The stock of the Group decreased by about 4% to 3.5 euros compared to the issue price of 3.7 euros per share. Results contrast with the markets and the EU technology sector which is recovering from yesterday’s drop.

MILAN, May 5 (Class Editori) — SECO weakly debuts on the STAR Segment, the second IPO since the beginning of the year on the main market of the Italian Stock Exchange after Philogen's in March and the first on the STAR Segment, which takes the number of companies currently listed on it to 78. The stock of the High-Tech Group lost 3.97% to 3.553 euros per share, compared to the issue price of 3.7 euros, halfway along IPO's range of price.

The results contrast with the markets where AllShare index is increasing by 1.15% and with the +2% of the EU technology sector after yesterday's sharp drop, which pushed the segment away from the recent records. Last Friday, the IPO of the Arezzo-based Group closed with an overall offer worth over 400 million euros, i.e., three times more than the offered issued price of about 140 million, excluding the Greenshoe Option.

Daniele Conti and Luciano Secciani, founding partners of SECO, and Massimo Mauri, CEO of the Group, have already stressed that "SECO's landing on the Stock Exchange is a source of great emotion and satisfaction," and their will "to continue to be the innovators of the sector and to grow with the aim of creating a global company while remaining flexible, creative and successful".

In mid-April, the company allocated 7.5 million shares to Olivetti, a subsidiary of TIM, which holds 7% of SECO. Another shareholder is FondoItaliano di Investimento (FII), which entered with a 20% stake in 2018 and will support SECO in its next growth phase, according to what Antonio Pace, the fund's CEO, told Reuters.

Now the technology Group is looking for acquisitions outside Italy as well. "We have identified two potential targets, one specialized in artificial intelligence in the US and one active in edge computing in Germany," Mauri explained to MF, adding that "our aim is to create a European champion in the IoT technology sector." Mediobanca, the sponsor of the company, acted as global coordinator and joint bookrunner of the transaction together with Goldman Sachs.

(Source:Class Editori)

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