Starting May 3, Technogym, Cesena, Italy, will be traded on the Milan Stock Exchange (Borsa Italiana), according to an announcement from the company.
The Italian National Commission for Companies and the Stock Exchange (CONSOB) approved Technogym's registration documents on Wednesday. The company had applied to go public on March 26, according to the announcement.
Salhouse Holding (a vehicle of Arle Capital – Technogym minority shareholder which owns 40 percent 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 the greenshoe option.
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 percent of company shares at the offering price," according to Investopedia.com. The 57.5 million shares correspond to 28.75 percent of the total share capital of Technogym. Nerio Alessandri is the founder and CEO of Technogym, and the Alessandri family will retain the majority of 60 percent share capital.
The price range was set at EUR3.00 – 3.75 per share.
The offering to institutional investors will end on April 28.
“I believe that wellness represents a current economic mega trend and a social opportunity for Goverments, Operators and Citizens,” Alessandri said at a press conference on Thursday. “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.