Azimut prepares for IPO

The Italian fund manager Azimut is being prepared for a €750m flotation by Apax Partners, which acquired the firm in 2002 (February 2002, page 27). The IPO plans are currently at a preliminary stage and are set to be reviewed in four to five months, at which time the market will be assessed. Apax owns a 65% interest in Azimut, with the management and their teams holding the remaining stake. If the listing is successful, Azimut will be Italy’s largest independent fund manager and distributor. Ten banks were invited to pitch for the deal last year, although the IPO mandate has yet to be awarded. UBM, the Italian investment bank, and Goldman Sachs, are believed to be strong contenders, having provided the original €100m senior debt package for Apax’s acquisition of Azimut. The Italian market saw four IPOs last year, raising a total of €436m.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Southern Europe