Poste Italiane Launches Share Offering: Key Details on Date, Sale Quota, Minimum Lot, and State Discount

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Countdown to Poste Italiane’s IPO

The countdown has begun for the public offering (IPO) of Poste Italiane, as the Ministry of Economy and Finance (MEF), the major shareholder of the group, plans to sell a portion of its stock in line with the privatization strategy aimed at reducing public debt announced by the Meloni government.

Recent media reports suggest that the start date for this operation is set for Monday, October 21, 2024, with the Treasury expected to offer a 13.5% stake, valued at approximately €2.2 billion.
This IPO is scheduled to run until Friday, October 25, 2024.

Small investors have been preparing for this opportunity for several weeks.
One notable feature of the MEF’s share offering is the priority given to retail investors, allowing them to purchase shares alongside institutional investors and employees.

Currently, the stock price has increased by about half a percentage point, reaching €12.70 on the FTSE MIB index.

Details of the Offering

Potential investors, both individuals and institutional, are raising several questions about this offering.
Key concerns include the minimum purchase size and the rumored state discount aimed at making the shares more attractive to retail buyers.

According to Il Messaggero, discussions are underway regarding a minimum lot size estimated at 250 shares, although no final decision has been made as the MEF is still negotiating with banks and Poste itself.

Additionally, reports suggest that any potential discount may only be available to the approximately 120,000 employees of the group, giving them the option to purchase shares using their severance pay (TFR).

Another significant aspect of the Poste IPO is its digital nature, allowing interested parties to participate through Internet banking.

Second Offering Following 2015 IPO

This upcoming IPO will be the second public sale of Poste Italiane shares since its initial public offering on October 27, 2015, during the Renzi government.

The 2015 IPO marked the company’s official debut on the stock exchange, where the Treasury raised €3.4 billion.
The joint press release on October 23, 2015, stated that the global offering consisted of a maximum of 453 million ordinary shares, representing 34.7% of the company’s capital.

Shares were priced at €6.75 each, attracting requests for 1.521 billion shares, with 25% from retail investors and employees, and 75% from institutional investors.
Demand from retail investors amounted to 387 million shares, confirming the strong interest in the offering.

With the Meloni government moving forward with the second phase of privatization, the aim remains clear: to channel new revenues into the Italian state treasury, following a broader privatization plan also targeting notable entities such as Eni and Monte dei Paschi di Siena.

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