Ronco Scrivia (GE – Italy), Business News: Racing Force S.p.A., parent company of Racing Force International WLL (“Racing Force” or the “Company”), based in Shakir (Kingdom of Bahrain), on Tuesday began trading the ordinary shares of the Company on Euronext Growth Milan, the market dedicated to medium-sized companies organized and managed by Borsa Italiana S.p.A.
“The stock exchange debutis a major milestone for Racing Force’s growth path – commented Paolo Delprato, Chairman and CEO of Racing Force Group – The listing will provide us with adequate financial support to boost the development plans we have for the future on an international level. At this stage, after the successful integration process of all our highly recognised brands OMP, Bell Helmets and Zeronoise, we strongly believe it is the time for a growth that involves all our centres worldwide, enforcing the link that bundles our business and the countries we operate in. The entire management team and I will remain strongly involved in the leadership and management of the Group, ensuring continuity of commitment, strategies and values, in the interest of our employees, customers, suppliers and investors who will believe in the project. Having chosen Bahrain as the location to build our world-class manufacturing base alongside our existing plants in Italy, the Kingdom will now provide Racing Force with the perfect springboard for greater exports and growth into new international markets”.
The stock closed at €5.36, up 19% from the placement price, reaching a capitalisation of €127.2. During the placement phase, the stock raised 31.2 million euro (including the over-allotment option), generating a demand 6 times higher than the amount offered by 74 institutional investors, including 43% foreign ones. Admission to the listing took place following the placement of 6.3 million shares at a price of €4.5. The free float is equal to 26.5% of the total ordinary share capital of Racing Force S.p.A., excluding the Over-Allotment Shares that will be potentially placed in the next 30 days.
The net proceeds deriving from the offering will be used by the Company to finance the development and growth of the Group’s business, strengthen its capital structure and maximize its future financial flexibility. In particular, Group’s growth will be focused on integrating and diversifying the business on an international level by exploiting the strong technological expertise and the cross-selling opportunities. Thanks to Racing Force’s R&D departments and the manufacturing plants based in Sakhir (Bahrain) and Ronco Scrivia and Pisa (Italy), innovation will be a main driver to pursue through a never-ending product and process innovation.
As a subsidiary of Racing Force Group, Racing Force International WLL, developing and manufacturing all Bell Racing Helmets, has headquartered its production within the Kingdom of Bahrain. The location will support growth through its best value operating costs and access to several markets including the US which Bahrain signed an FTA with, and the Kingdom’s trade and economic agreements with over 40 countries, including China, France, India, Singapore, and the UK.
