PE-backed Banzai to float with €220–277m market cap

The offering will comprise 8 million new shares and 8 million existing shares, with a guide price of 675–850 cents. It also includes an over-allotment option of 2.4 million shares.

At the top of the range, the flotation would give Banzai a market cap of around €345m. The sale of new shares will take precedence, with a €50m fundraising target set prior to the sale of any existing equity.

Should the IPO be fully subscribed, Sator would retain a 12.9% stake in the company. 

Principia, known as Quantica at the time, invested in Banzai in 2007 with capital drawn from its first vehicle. The investment funded the development of two services – the business’s user-generated content platform, and a service allowing users to automatically store and re-organise internet searches. Sator first invested in the company in January 2013.

In the first three quarters of 2014, Banzai generated a turnover of €120.3m.

Jefferies International and Banca Profilo are acting as joint global bookrunners in the sale process.

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