BC Partners-backed OVS aims for €1.2bn IPO

UPDATE (17/02/15): The business is looking to sell 101 million shares, with an over-allotment option for a further 11 million. Should the option be taken up, the business would have a free-float of 49.3%.

The offering, which is scheduled to go ahead on 2 March, comprises 14 million existing shares owned by Coin and 87 million new shares.

If priced at the top of the range, the company would have a market cap of €1.23bn, with the process due to raise up to €545m.

Goldman Sachs, Bank of America Merrill Lynch, Banca IMI, HSBC, Credit Suisse and Unicredit are acting as joint bookrunners in the process.

Original article:
According to investor documents obtained by Reuters, analysts at Goldman Sachs anticipate a market cap of €1.1-1.4bn on the basis of a capital increase of €350m. 

The offering has been given the go-ahead by Consob, the Italian securities and exchange commission.

BC Partners acquired a 69.3% stake in Coin from PAI Partners for €644.57m as part of a €1.3bn take-private in 2011. Investindustrial and Ontario Teachers also have minority stakes in Icon, Coin's holding company.

OVS announced its intention to float in the first weeks of January.

The move comes as Coin, which founded OVS in 1972, looks to divest non-core assets. It announced in April 2014 that it was to separate the OVS and Upim brands from the rest of the group as part of a corporate reorganisation project.

OVS reported EBITDA of €136m in 2013, while in the year to January 2014 it generated a turnover of €1.14bn, according to Italian newspaper Il Sole 24 Ore.

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