MILAN  — Italian retailer OVS SpA, which is expected to debut on the Italian Stock Exchange between the end of February and the first days of March, said Friday it will offer a total of 101 million ordinary shares globally, representing 44.5 percent of the company’s share capital. The shares are being sold by Gruppo Coin S.p.A. and OVS.
The public offering in Italy will begin Monday and end on Feb. 24, while the institutional offering was launched on Feb. 13 and will end Tuesday. A press conference will be held on Monday at the Bourse to present the public offer.

As reported, share prices for the OVS road show have been set at between a non-binding minimum price of 4 euros, or $4.53 at current exchange rate, and a binding maximum price of 5.40 euros, or $6.12. This is equal to an indicative price range of the company’s economic capital that is expected to be between a non-binding minimum of 560 million euros, or $635.2 million, and a binding maximum of 756 million euros, or $857.5 million.

In addition, Gruppo Coin  has granted the joint global coordinators  a greenshoe option to purchase up to 11 million additional ordinary shares, or about  11 percent of the ordinary shares in the offering, which can be exercised within 30 days from the first day of trading. If fully exercised, shares floated will represent 49.3 percent of the group’s share capital.
A market source said equity value will range between 1.3 and 1.6 billion euros, or $1.48 and $1.82 billion.
Banca IMI, BofA Merrill Lynch, Goldman Sachs International and UniCredit Corporate & Investment Banking are global coordinators of the operation.  Credit Suisse and HSBC act as joint bookrunners.

Banca IMI is also acting as lead manager of the retail offering and sponsor.

The mass-market retailer received the green light from Italy’s regulatory body Consob to proceed with its initial public offering on Feb. 12.

The listing will help OVS, which has 641 stores in Italy and 133 abroad, mostly in Europe, further expand its footprint.

The OVS group also owns the Upim mass-market store chain, comprising 255 units nationally. OVS is controlled by Gruppo Coin, which is owned by private equity firm BC Partners.

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