Redelfi, the management company that had successfully closed an equity crowdfunding campaign on Opstart in 2021, raising around $1.05 million (€1 million), has been listed on Euronext Growth Milan, a segment of Borsa Italiana S.p.A. dedicated to the most dynamic and competitive SMEs. This is the third exit of the year for companies that have raised on the portal.
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A management company active in the Green sector
Redelfi is an ESG management company founded in Genoa in 2008 that operates in the digital and green transition through companies divided by business units in the Green, MarTech, and GreenTech sectors. It is characterized by an innovative approach to products or processes with a high focus on compliance with ESG principles and sustainability.
The company identifies mega market trends by making investments and innovation in startups and companies characterized by innovative elements in technology, sustainability and high development potential. The first activity was the founding and development of Renergetica and its business. From 2008 until April 2021, he worked in the green sector by identifying a niche market in Italy, managing the internationalization process, and then going public.
“We will work to keep the promises made to investors who have strongly believed in our project and continue to bring innovation in compliance with ESG criteria,” commented Management Company President Davide Sommariva.
In the fiscal year 2021, the group achieved a value of production (consolidated pro forma) of $1.26 million (€1.2 million) and a net income of $3.7 million (€3.5 million), the latter as a result of extraordinary transactions. The net financial position is cash positive $0.11 million (€0.1 million) and shareholders’ equity is $5.9 million (€5.6 million). in 2021 the group made investments of about $4.7 million (€4.5 million).
Listing on the stock exchange for a capitalization of $10.6 million (€10.1 million)
The listing took place with the placement of 2,760,000 ordinary shares, including 2,400,000 newly issued shares and 360,000 shares placed as part of the exercise of the over-allotment option, granted by the majority shareholder Marinetta S.S. to Integrae SIM, as global coordinator.
The total value of the resources raised amounts to $3.63 million (€3.45 million) (in the event of the full exercise of the greenshoe option in the capital increase granted by the company to Integrae SIM for $473,000 (450,000), with a price per share determined at $1.31 (€1.25), against a total demand of approximately 1.2 times the offer. Based on this price, a market capitalization of about $10.6 million (€10.1 million) (about $11 million (€10.5 million) if the greenshoe option is fully exercised) is expected.
The equity crowdfunding round had defined a post-money value of the company for underwriters of about $7.9 million (€7.5 million).
The company’s post-listing free float is 30.34 percent of the share capital (33.31 percent assuming full exercise of the greenshoe option).
In addition, as part of the transaction, 2,760,000 “Redelfi 2022-2025” Warrants are issued free of charge in the ratio of 1 Warrant for every 1 newly issued share subscribed as part of the placement or exercise of the over-allotment option. Warrant holders will be entitled to subscribe to the over-allotment shares in the ratio of no. 1 over-allotment share for every no. 2 Warrants held, with the strike price increasing at the rate of 10%, starting from the IPO price, for each of the three exercise periods, in accordance with the Warrant Regulations.
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This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
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