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Azimut to IPO

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.