September 5, 2019 / 12:29 PM / in 6 months

Italy's RCF aims to launch IPO in October: sources

MILAN (Reuters) - Italian professional audio equipment maker RCF aims to launch an initial public offering (Ipo) in October, making a comeback on the Milan Stock Exchange after six years, two sources close to the matter said on Thursday.

RCF will join Italian yacht makers Ferretti and Cantieri San Lorenzo in their attempts to go public in Milan, as the formation of a new government in the country has cheered up investors.

RCF was delisted in 2013 and four years later Italian investment group Palladio Holding and France’s asset manager Amundi bought a 30% stake in the company, with the remaining shares still owned by three founding families.

The company, based in Italy’s northern town of Reggio Emilia, has picked Banca Imi, Bnp Paribas and Goldman Sachs as global coordinators, while Lazard is the financial adviser, the sources added.

The company will sell new and existing shares in the offering, one of the sources added.

The free float is expected to be around 35% to allow the company to be included in the Milan Bourse Star segment, which is dedicated to midsize companies that meet higher transparency and disclosure requirements.

RCF posted pro-forma revenue of 183 million euros in 2018, including the sales of Eastern Acoustics Works (EAW) and DPA Microphones it had acquired. Adjusted core earnings were 40 million euros last year.

Reporting by Elisa Anzolin; editing by Francesca Landini

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