€653M BANCA MONTE DEI PASCHI DI SIENA ABB – MEDIOBANCA ACTED AS JOINT GLOBAL COORDINATOR AND JOINT BOOKRUNNER

Mediobanca acted as Joint Global Coordinator and Joint Bookrunner, confirming our strong relationship with both BMPS and the MEF
Mediobanca further strengthen its track record in the privatization field, highlighting its positioning as a reliable partner for public institution in relevant strategic transactions
Please find below a brief description of the share disposal of Banca Monte dei Paschi di Siena S.p.A. (“BMPS”) executed by Mediobanca on behalf of the Ministero del’Economia e delle Finanze (“MEF”): 

  • On March 27, Mediobanca successfully completed the accelerated bookbuilding offering (“ABB”) of ~157m BMPS ordinary shares, corresponding to 12.5% of the Company’s share capital. The shares were entirely sold by the MEF
  • The transaction is aligned with the MEF's plan to decrease its ownership in BMPS, in accordance with the target set by the European Commission
  • The MEF held ~64% of BMPS after the completion of the capital increase in November 2022, which has been then reduced to ~39% in November 2023 through the first ABB. Following this transaction, the MEF will hold ~27% of the share capital
  • On March 26, the deal was launched at market close with a reference price of €4.15, corresponding to a 2.5% discount vs the previous closing price of €4.26
  • Books were covered in less than 30 minutes, when a message has been sent out to the market. Final pricing came at €4.15, with books multiple times oversubscribed
  • The total consideration of the offering amounted to €653.5m. In relative terms, the offer size represented around 4.9x trading days based on L1M ADTV
  • BMPS share price rose by ~135% in the last year, confirming the successful turnaround of the equity story which came as a result of the capital increase and the effective implementation of the 2022-2026 business plan
  • Allocations were skewed towards long only investors and current holders, which showed strong support. Top 10 accounts took more than 55% of the offer, top 15 took ~66%
  • The stock recorded a positive performance the day following the ABB, closing at €4.20 (+1.2% vs ABB price).