The Ariston Group is listed at €10.25, as of Friday, November 26, trading at Avary Arena in Euronext Milan. The Marquee-based multinational’s address first appears on a day that started negatively due to market fears of a new South African alternative to Covid and the potential fallout on the economic recovery. The Ftse Mib, which started negative, was down 3% at 1 pm. Ariston after opening slightly lower, marks -2%. I’ve always said that the listing in Piazza Affari will be an important moment and I think it’s happening now because our sector is facing a very strong change and an acceleration and growth, and so I think the listing can give us that resources, that vision and that profile that the company deserves for the decades to come, as Paolo Merloni stated, CEO of Ariston.
Among the largest IPOs in recent years in Piazza Avari
The Ariston Group (formerly Ariston Thermo) is the largest IPO by volume recorded in Italy since the beginning of 2021. The Marche Group of boilers and heat pumps has successfully concluded its offering with institutional investors totaling €915 million (including on the option to allocate) , at an initial price at the lower end of the price range indicated by the placers (the range was between 10.25 and 12 euros). On the date of commencement of trading, Ariston’s capital amounted to 3.4 billion euros, with a free trade ratio of about 27%. Consequently, it became one of the largest stock market listings in the past three years, along with Nexi, listed at $2 billion in April 2019. Mediobanca, Goldman Sachs, Intesa, Citigroup, Bnp Paribas, Bofa and Equita were responsible for the offering.
Reasons to subscribe
The operation together consisted of a capital increase of 300 million and the sale of a maximum of 49 million shares by Merloni Holding and Amaranta (with another 11 million shares of Greenhoe). With the capital increase, the group is preparing to strengthen organically but also through acquisitions, such as the one announced at Chromagen at the end of October. For CEO Paolo Merloni, the company’s valuation attests to our group’s success trajectory to date, based on strong market fundamentals, our global profile in the domestic heating and hot water sector, our portfolio of renewable and high-efficiency products and services, our proven organic growth and proven track record in M&A.
Ariston presents itself to the market with growing accounts: in the first nine months of the year, revenue rose 25% to 1.41 billion euros, operating margin (adjusted) increased 35% to 191 million euros and net profit was adjusted 88% to 100 million. Merloni commented that this performance puts us in a very strong position for the fourth quarter of 2021. To date, we have successfully managed strong commodity inflation and pressure on the global supply chain, taking advantage of operating leverage and pricing actions.
“Infuriatingly humble alcohol fanatic. Unapologetic beer practitioner. Analyst.”