ITALY. Safe Bag subsidiary SOSTravel.com has filed a pre-admission application for listing on the Borsa Italiana – AIM Italia stock exchange.
As reported, Safe Bag appointed Banca Finnat Euroamerica as Nomad and Global Coordinator for SOSTravel.com in May.
The appointment aimed to conclude the IPO on the AIM segment of Borsa Italiana by this month (July), with Banca Finnat working alongside strategic advisor PricewaterhouseCoopers Advisory and financial advisor Ambromobiliare (who were both appointed in November last year).
SOSTravel.com was founded in November 2017 to offer a series of new assistance services through a digital platform accessible both through mobile devices and via the Internet. The app’s services include flight and airport information, a lost-and-found concierge and health insurance.
The Borsa Italiana – AIM Italia pre-admission application is for negotiations on 2018-2020 ordinary shares and warrants. The price range approved by the company’s Board of Directors yesterday (16 July) envisages a minimum price of €5.6 per share and a maximum price of €6.6 per share, corresponding to a pre-money equity value of €28-33 million.
Safe Bag said the transaction envisages a capital increase with private placement of ordinary shares. Warrants will be combined at the ratio of one warrant per one share to all those who have underwritten within the sphere of the private placement, and before the launch date of negotiations.
A share bonus is also envisaged at the ratio of 1:10 for those who underwrite within the sphere of the private placement before the launch date of the negotiations and keep the shares for at least twelve months from such a date.
Safe Bag was founded in 1997 by Rudolph Gentile. The company has been listed on the Italian Stock Exchange Borsa Italiana – AIM segment since September 2013.
