Ronco Scrivia (GE), 16 November 2021 – Racing Force S.p.A., parent company of Racing Force Group, a world leader in motorsport safety equipment, announces that trading of its ordinary shares began today on Euronext Growth Milan, a multilateral trading system organised and managed by Borsa Italiana S.p.A. The stock closed at €5.36 up 19%, reaching a capitalisation of €127.2 millions.
“We are very proud of the strong response of the financial community to our listing. – Chairman and CEO of Racing Force, Paolo Delprato commented – Racing Force’s IPO was followed with great interest by a large number of investors, recording a demand 6 times higher than the offer, which represents a record result even compared to the most recent placements. The investors who immediately believed in the Racing Force project were many, including many from foreign countries, rewarding the value of our international activity and our approach to the business. Safety, quality and innovation are the values that have guided us so far, and with these same values Racing Force is now starting a new path of growth with renewed enthusiasm and determination“.
During the placement phase, the stock raised 31.2 million euro (including the over-allotment option), generating a demand 6 times higher than the amount offered by 74 institutional investors, including 43% foreign ones. Admission to the listing took place following the placement of 6.3 million shares at a price of €4.5. The free float is equal to 26.5% of the total ordinary share capital of Racing Force S.p.A., excluding the Over-Allotment Shares that will be potentially placed in the next 30 days. The net proceeds from the offer will be used by the Group to finance the development and growth of the Group’s business, strengthen its capital structure and maximise its future financial flexibility. In particular, the Group’s growth will be focused on integrating and diversifying the business internationally, leveraging on strong technological competencies and cross-selling opportunities. Thanks to the Racing Force research and development departments and the production plants in Ronco Scrivia and Pisa (Italy) and Sakhir (Bahrain), innovation will be one of the main drivers to be pursued through continuous product and process innovation.