Italy’s GVS files to get listed on Milan Bourse in June

Written by: Wajeeh Khan
May 29, 2020
  • Italy’s GVS says it filed to get listed on Milan Bourse in June.
  • GVS names Lazard as financial advisor for its initial public offering.
  • The offer will include 85% existing shares and 15% new shares.

In an announcement on Friday, Italy’s GVS expressed plans of launching an IPO (Initial Public Offering) in June. The filter maker said it has filed to list on the Milan Bourse next month. GVS saw a significant increase in demand for filters and protective masks in recent months due to the Coronavirus pandemic that resulted in a revenue boost highlighting the company’s strong position to opt for an initial public offering.

GVS listing would mark the first for Milan Stock Exchange since February. The IPO market in Italy has otherwise remained dead in the past 5 months due to COVID-19 that has so far infected a little under a quarter-million people in Italy and caused more than 33,000 deaths.

GVS names Lazard as the financial advisor for its IPO

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As per reports, rumours of Italian filter maker’s plan of going public have been circulating in the market since last year. The company also highlighted on Friday that its offer to institutional investors will include 85% existing shares and 15% new shares.

The Italian company named Lazard as the financial advisor for its initial public offering. Mediobanca and Goldman Sachs International, GVS confirmed, will be the global contributors of its public listing.

Founded in 1979, Italy’s Scagliarini family currently owns GVS. The Bologna-based company is a prominent name in the league of manufacturers that focus on biohazard masks and medical filters that are primarily used in life science, healthcare, and automotive sectors.

During the ongoing health crisis, GVS provided personal protective equipment (PPE) not only to Italian health professionals but also to response teams in China, the United States, and a range of other countries to help them fight back against the flu-like virus.

GVS guidance for adjusted EBITDA in 2020

In its report in March, GVS said that its revenue came in at £204.02 million in the recently ended financial year. In terms of adjusted core earnings, the company recorded £55.72 million. For 2020, GVS added, it now estimates its adjusted EBITDA to climb to the range of £251.65 million to £287.60 million.  

GVS currently has a global workforce of around 2,700 employees. The company generates roughly 90% of its revenue from outside of Italy. To meet the rising demand and ramp-up production amidst the health emergency, GVS hired hundreds of new workers in recent months. The company also opened 4 new production lines dedicated to making masks in Italy.