Masi Agricola valued at 150m euros after listing
Date£º
2015-08-11 15:29 Source£º
decanter Author:
Richard Woodard Translator:
Masi Agricola has listed on the Italian stock exchange and hopes to set a trend for other wine producers in the country.
Bottles in a private cellar owned by Masi Agricola.
Masi is listed on Borsa Italiana¡¯s AIM index for small and medium-sized businesses, having sold 20% of its share capital for €4.60 per share.
The share issue realised total receipts of €29.6m, making it the biggest Italian AIM flotation to date, and was 1.3 times over-subscribed, according to reports in Italy.
The flotation means Veneto-based Masi is valued at just under €150m. Shares were continuing to trade at or around €4.60 today (5 August).
Both Italian and foreign investors bought shares.
¡®I hope that other producers will see us as pioneers,¡¯ said Sandro Boscaini, head of Masi Agricola. ¡®The diverse group of producers that make up today¡¯s wine sector need putting in order to succeed in a market that is increasingly global.
¡®We want to do our bit while maintaining our identity and remaining in the small circle of leading, quality Italian wine brands.¡¯
According to a study by Milan¡¯s Bocconi University, Italy¡¯s GDP would rise by 1% if the number of companies listed on its stock market doubled to 600.
Masi¡¯s listing follows that of a number of other leading Italian food and beverage businesses recently, including food chain Eataly and pasta maker De Cecco.