S&C client Carel Industries S.p.A., an Italian company, completed its initial public offering on the Milan stock exchange. The IPO consisted of an offering of 35 percent (40.25 percent if the overallotment option is fully exercised) of Carel’s outstanding ordinary shares held by its two shareholders, Luigi Rossi Luciani S.a.p.a. and Luigi Nalini S.a.p.a. (owned by the founding families of Carel). The IPO was made to institutional investors, including qualified institutional buyers in the United States pursuant to Rule 144A.
The offer was priced at €7.20 per share (near the midpoint of the range of €6.70-€7.80), implying a market capitalization of approximately €720 million.
The Carel group is a leading provider of advanced, energy-efficient control solutions and components for air conditioning and refrigeration units and systems.
The S&C team was led by Oderisio de Vito Piscicelli, John O’Connor and Vanessa Blackmore, along with Kirsten Rodger, Umberto Hassan and Costanza Posarelli. Jeffrey Hochberg and Saul Brander provided tax advice. Andrew Thomson provided advice on U.K. tax matters.