Marking a significant milestone for the future of CAREL, the Italian multinational HVAC&R controls manufacturer was listed on the Milan stock exchange on 11 June.
The initial offering involved 35 million shares, representing 35% of the company’s share capital. The public float was offered through private placement reserved for qualified investors in Italy and institutional investors abroad. Co-founders Luigi Rossi Luciani and Luigi Nalini sold the shares included in the offering pro-rata.
“The idea to list on the stock exchange, while still maintaining control of the company, is a long-term project we have been working on for many years,” said Francesco Nalini, CAREL CEO.
“We believe it will be positive for long-term performance, so as to avoid resting on our laurels or becoming self-referential, while being open to the market,” Nalini said.
“The idea to list on the stock exchange, while still maintaining control of the company, is a long-term project we have been working on for many years.”Francesco Nalini, CAREL CEO
Powering international growth
“The decision to list on the stock exchange was taken as part of the development strategies that have always defined our company, and can therefore be considered a fundamental step in assuring further growth: being present on the financial market will in fact represent a boost and an incentive to improve even more,” said CAREL’s founders, Luigi Rossi Luciani and Luigi Nalini.
Il Sole 24 Ore, Italy’s leading financial newspaper, reported that the initial public offering (IPO) closed with demand at four times the basic offer. The IPO price of €7.20 per share corresponded to an initial stock market capitalisation of €720 million.
The listing is expected to help CAREL boost external growth, particularly in North America, the paper reports. 80% of the company’s turnover is foreign.
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