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Technogym set to debut on Milan Stock Exchange
Shares in leading global wellness company Technogym will go public on the Milan Stock Exchange (Borsa Italiana) from 3rd May.
With Technogym having applied to go public at the end of March, the Italian National Commission for Companies and the Stock Exchange (CONSOB) approved Technogym's registration documents on Wednesday of this week (20th April).
Salhouse Holding (a vehicle of Arle Capital, a Technogym minority shareholder which owns 40% of the company's capital) intends to sell 50 million shares and has granted the joint global coordinators an option to purchase up to 7.5 million additional shares under a ‘greenshoe’ option.
According to Investopedia.com, a greenshoe option "is a clause contained in the underwriting agreement of an initial public offering that allows underwriters to buy up to an additional 15% of company shares at the offering price.”
The 57.5 million shares correspond to 28.75% of the total share capital of Technogym.
Technogym founder and Chief Executive Nerio Alessandri and the Alessandri family will retain the majority of 60% share capital.
The offering to institutional investors will end on 28th April.
At a press conference yesterday (Thursday 21st April), Alessandri stated “I believe that wellness represents a current economic mega trend and a social opportunity for Goverments, Operators and Citizens.
“At Technogym, we believe that our IPO will help us to strengthen and consolidate our managerial culture and to support our international growth strategy.”
Founded in 1983, Technogym provides a range of cardio, strength and functional equipment alongside a cloud-based digital platform enabling consumers to connect with their personal wellness experience anywhere, both on Technogym equipment and via mobile apps on any device. Technogym targets four specific market segments: fitness clubs; hospitality and residential; health, corporate and public; and consumer.
Technogym is the exclusive and official supplier of training equipment to the Rio 2016 Summer Olympic Games and supplied equipment for the previous four Summer Olympic Games (Sydney 2000, Athens 2004, Beijing 2008 and London 2012) as well as the Turin 2006 Winter Games.
Click here to contact Technogym Australia via their entry in the Australasian Leisure Management Supplier Directory.
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