U-Power Group, an Italian company specialized in workwear and safety footwear, plans to list its shares on the main market of the Milan exchange in an initial public offering expected to take place by the end of July.
Shares will be sold by Fin Reporter, the investment vehicle wholly owned by U-Power Group chairman and CEO Pier Franco Uzzeni, which in turn owns 100 percent of U-Power Group.
Including an over-allotment option, U-Power Group expects to float 35 percent of its shares through the offering, which will be reserved for accredited investors in Italy and institutional investors abroad.
With the listing, “U-Power Group intends to gain greater visibility on its reference market and increase its ability to access capital markets, with a potential improvement in development opportunities for its business,” the company said. U-Power Group also expects the IPO “will allow it to pursue the process of transformation into a managerialized company” with a widespread shareholdership and targeting “a sustainable, balanced and at the same time significant growth.”