Azimut, the Italian asset management group, has opened the road show for its IPO, which should lead to an exit for its private equity backer Apax Partners. Azimut has set a price range of between €4 and €5 per share for a total sum of between €577m and €721m. A listing is planned for July 7, which will see 75% of the company float on the Italian stock exchange, including a greenshoe option.
The group will use the proceeds from the IPO to pay down debt, currently at seven times equity. Apax Partners acquired Bipop-Carire’s asset management unit Azimut in a €418.5m deal in 2001.