An uphill debut for Iveco Group in Piazza Affari. The first day of trading for the freshman born from a spin-off of Cnh Industrial, controlled by Exor, closed with a price per share 9.1% lower than the threshold of 11.22 euros indicated in a note from the Stock Exchange Italian as a reference price. In the first part of the day the two stocks had failed to make the price, then the exchanges increased and Cnh Industrial also recorded a decline in the morning before recovering and closing at 14.69 euros (-2.26%).
The Group led by CEO Gerrit Marx has its industrial focus on the sector of commercial and special vehicles, buses and engines (FPT), with 33,500 employees worldwide. At the basis of the decision to separate the On-Road activities is the awareness of the scarce synergies with the Off-Road world (Agriculture and Construction) and of the different strategies to be adopted to face the energy and technological transition.
The sound of the bell
“Our first day of listing marks a historic milestone as we become a completely independent company”, underlined Iveco Group CEO Gerrit Marx speaking at the bell ringing ceremony that marks the debut on the Milan stock exchange. The stock, as mentioned, debuted at 11 euros and then immediately went to the volatility auction. «We have all the necessary requirements to achieve long-term success, starting with a solid foundation, a motivated team and a clear strategy. These elements will allow us to move quickly, innovate and forge partnerships to develop the best solutions in the current rapidly changing environment »added the CEO.
“We are inaugurating 2022 by welcoming Iveco Group to the Euronext Milan market of Borsa Italiana: this operation will allow Iveco to strengthen its market positioning, creating value for shareholders and stakeholders”, added Fabrizio Testa, CEO of Borsa Italiana. “In 2021 the first admission to the Italian Stock Exchange was, ta Stellantis, also by the Exor group and inaugurated a record year, with 49 IPOs and over 2.4 billion raised on the main market and on Euronext Growth Milan”, remembers Testa. This is “a result that testifies to the fundamental role of Borsa Italiana and the Euronext group in supporting economic growth, allowing companies to finance their strategic development projects thanks to transparent and efficient markets”, concludes the CEO of Borsa Italiana. .
The strategy
The decision to exploit the On-Highway activities on the market dates back to September 2019, on the occasion of the presentation of the industrial plan. A strategy passed through the interest of Faw’s Chinese in taking over Iveco – a deal that was skipped last spring – and led to the decision on the spin-off, voted on by the CNH Industrial shareholders’ meeting before Christmas, on 23 December last. A step that has pushed the CNH Industrial stock – 23 billion capitalization – to an all-time high, around 17 euros per share because the market probably sees the operation as positive. CNH Industrial shareholders received one share of the spun-off company for every five CNH shares owned. The weight of the main shareholder, Exor, will be maintained at 27% of the shares in Iveco Group, just like for Cnh Industrial.
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