Shearman And Sterling

News July 02, 2015

Shearman & Sterling Advises on Banca Sistema IPO

Shearman & Sterling represented Banca Sistema S.p.A. in connection with the initial public offering and concurrent listing of its ordinary shares on the Mercato Telematico Azionario – STAR Segment organized and managed by Borsa Italiana S.p.A.

Banca Sistema is a fast-growing independent banking group operating in the Italian specialty finance sector, focusing primarily on factoring of receivables from the Italian Public Administrations. With main offices in Milan, Rome and London, Banca Sistema mainly provides financing and liquidity solutions to domestic and multinational corporates as well as small and medium-sized enterprises by acquiring, at a discount to face value, healthcare, commercial and VAT receivables owed by the PAs. Banca Sistema is also active in the purchasing and management of non-performing financial and trade receivables as well as management and debt recovery from individuals.

The global offering of the ordinary shares of Banca Sistema included a retail offering in Italy, an offering outside the United States to certain institutional investors in reliance on Regulation S, and an institutional offering in the United States only to QIBs, as defined in and in reliance on Rule 144A. Barclays acted as sole global coordinator and, together with Banca Akros (which also acted as Lead Manager for the retail offering), Intermonte and Jefferies, as joint bookrunner of the global offering.

The offering was so successful with investors that demand exceeded the number of shares offered by 2.1 times and it successfully priced on Monday, June 29, 2015 despite the turmoil in the European capital markets in the wake of the most recent spike in the Greek crisis. Approximately 90% of the offered shares were successfully allocated with institutional investors outside of Italy.

The first day of trading of Banca Sistema ordinary shares on the Mercato Telematico Azionario – STAR Segment of the Italian Stock Exchange was July 2, 2015. The market capitalization of Banca Sistema as of the first day of trading was €302 million.

The Shearman & Sterling team below included associates Kammy Lai, Eric Jonathan Ho, Boris Telyatnikov, Leona McManus, Gabriel Ng, Nina Garnham and Nancy Hu; and international trainees trainees Carmelo Contente and Camilla Di Matteo.

The Team