Linklaters advised on successful first Italian IPO with English prospectus, reopening market after volatility

Linklaters advised on successful first Italian IPO with English prospectus, reopening market after volatility

Magic Circle law firm Linklaters has advised EuroGroup Laminations, a global leader in the design, manufacturing, and distribution of stators and rotors for electric motors and generators, as it underwent an IPO on Euronext Milan. Linklaters advised the joint global coordinators, joint bookrunners, and listing agents involved in the process.

After a successful institutional placement that raised a total of EUR 432 million that included option shares, EuroGroup Laminations has been admitted to trading on Euronext Milan.

Of the total amount raised, EUR 250 million was from the company's offering, while the rest came from the sale of shares by selling shareholders, including Euro Management Services (the holding company of the founding families) and Tikehau Capital vehicles. On the first day of trading, the Company's market capitalization was EUR 922 million.

This transaction set several notable precedents in the Italian market, including being the first-ever Italian IPO to have a single, English-language offering document, an option that was not previously available. Additionally, it was the first IPO to have a listing agent under the recently-amended listing framework.

Linklaters advised J.P. Morgan, BNP Paribas, Intesa Sanpaolo (IMI CIB division), and UniCredit with a team led by partner Ugo Orsini, with support from counsel Cheri De Luca, managing associate Francesco Eugenio Pasello, associate Daniele Casà, and trainee Filippo Maria Linzi.

The team was also supported by counsel Asad Ahmed for the aspects of English law.

"EuroGroup Laminations's transaction is a key milestone in the Italian ECM space, as it is the first IPO with an English language prospectus and the first carried out under the new regulatory framework of Borsa Italiana. Both new regimes are aimed at facilitating access to the Italian and European financial markets by our corporates and prove that our market is flourishing and ready to play a key role in Europe," Partner Ugo Orsini said.