MILAN, April 5 Foreign investors have bought
around 75 percent of a 249 million euro ($265 million) initial
share offering by Italian factoring specialist Banca
Farmafactoring (BFF) that closed on Tuesday, a source close to
the deal said.
Shares in BFF will start trading on the Milan bourse on
Friday after the group placed a 31 percent stake in an IPO
priced at the bottom of the range initially provided, giving the
company a market value of 800 million euros.
BFF, which operates in Italy, Poland, Czech Republic,
Slovakia, Spain and Portugal, buys at a discount bills that
suppliers issue to the public administration, effectively
providing credit to these companies.
The source said investor demand had been driven by a
dividend yield of more than 10 percent at pricing.
"A relatively long-term type of book of people who want to
play this for dividend in the next one to two years," the source
The source said the book had been oversubscribed but
declined to give further details. UK investors accounted for
around 50 percent of overall demand.
Mediobanca, Morgan Stanley and Deutsche Bank acted as joint
global coordinators and joint bookrunners for the offer, BNP
Paribas, Jefferies International and UniCredit CIB as joint
bookrunners and Banca Akros as co-lead manager. ($1 = 0.9384
(Reporting by Valentina Za and Elisa Anzolin, editing by Susan