CVC-backed Cerved slips on first day of trading

Amy King
25 June 2014

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Shares in CVC-backed data intelligence provider Cerved, which listed in Milan yesterday with a market capitalisation of €995m, dropped around 5% on the first day of trading.

The company raised proceeds of around €490m via the listing. CVC remains the majority shareholder following the flotation, which involved a free float of 43%.

At the time of writing, shares had recovered slightly to trade at 480 cents, equal to 2.8% less than the original share price of 510 cents.

Shares were originally offered at 500-660 cents apiece, with the final price set at the lower end of the range on 510 cents, giving it a market cap of €995m.

The flotation is the second to occur this year on the Mercato Telematico Azionario, following March's listing of Anima – backed by local GP Clessidra.

In January 2013, CVC acquired Cerved from Bain Capital and Clessidra for €1.13bn. Credit Suisse, Deutsche Bank and HSBC provided financing for the transaction. HSBC ran the sale, which also attracted interest from Permira. Valuations for the target were close to €1bn, or 10x EBITDA, during the auction.

Bain and Clessidra acquired Cerved for €550m in December 2008 through holding company CeBi. The debt syndicate for the deal included BNP Paribas, Crédit Agricole, HSBC, IKB, Intensa Sanpaolo, MPS Banca per l'Impresa, Natixis and UniCredit.

Banca IMI, JP Morgan, Mediobanca and Unicredit are global coordinators for the current listing. BNP Paribas, Deutsche Bank and HSBC have been appointed joint bookrunners. Unicredit is lead manager for the retail offering. Banca IMI is sponsor, with Lazard as the adviser.