Italian shipowner Marnavi is listing its offshore construction support service provider Next Geosolutions (NextGeo) on the Milan Stock Exchange.
The Ievoli-family-controlled, Naples-headquartered company, which specialises in offshore renewables, will be listed next month following an agreement with Italian private equity investors VSL Club and Smart Capital, which will participate in the IPO as cornerstone investors.
The company is planning a capital increase of around €50m ($53m) based on a a pre-money equity value of €250m.
Investors in the IPO have agreed to a 12-month lock-up commitment.
NextGeo will initially be listed on Euronext Growth Milan, the stock exchange market dedicated to small and medium-size enterprises.
The investors’ growth plan could lead to the listing being moved onto the Euronext Milan market.
Established in 2014, NextGeo operates with a fleet of 15 dynamic positioned class 1 and 2 vessels, with overseas bases in the UK and the Netherlands.
Marnavi chief executive Attilio Ievoli, who is also president of NextGeo, said the listing would encourage the participation of important holding companies.
The entrance of specialised maritime investor VSL Club “reinforces the decision to take this significant step towards listing on the stock exchange”.
The Ievoli family and management of NextGeo are well known to VSL Club partners Fabrizio Vettosi, Giorgio Drago and Ciro Russo.
Andrea Costantini, president and managing partner of Smart Capital, has been appointed as an independent board member.
NextGeo is seeking to consolidate its position in the sector of marine geosciences and offshore construction support services, with a focus on renewables.
“We are now entering the heart of the listing process, a fundamental stage that opens up important prospects for the future,” NextGeo chief executive Giovanni Ranieri said.
NextGeo closed 2023 with strong results, as net profit almost quadrupled to €29.2m.
The value of production rose 121% to €148.6m thanks to what is said were effective commercial and business strategies that helped win more and larger contracts.
Ebitda stood at €40.5m, up 281% year on year with a margin of 27%.
Ebit more than quadrupled to €35.3m with a 24% margin.
The company has a backlog of orders of about €325m, of which €204m is scheduled for execution this year.
Italian bank Intesa Sanpaolo is the sole global coordinator. Investment fund Alantra will be joint bookrunner and Euronext Growth advisor.
