Civitanavi Systems S.p.A. lists on Euronext Milan

Feb 17 2022 - 10:35
  • Second listing of 2022 on Euronext Milan
  • Civitanavi Systems S.p.A. brings the total number of companies listed on Euronext Milan to 233
  • Total placement volume of the offering equal to €34.1 million

Borsa Italiana, part of the Euronext Group, today congratulates Civitanavi Systems S.p.A. on its listing on Euronext Milan.

Civitanavi Systems S.p.A., born as a start-up in 2012, is one of the main players in the design, development and production of inertial navigation and stabilisation systems used in the aerospace and defence sectors in space, terrestrial, aeronautical, naval and industrial, mining and oil & gas.

Civitanavi Systems S.p.A. represents the second listing since the beginning of the year on Euronext Milan and it brings the total number of firms currently listed on Euronext Milan to 233.

In the placement phase, Civitanavi Systems S.p.A. raised €31.0 million excluding the potential exercise of an over-allotment option. In the case of the full exercise of the over-allotment option, the total amount raised will be €34.1 million. The free float at the time of admission was 25.2% and the market capitalisation at IPO was €123 million.

Andrea Pizzarulli, CEO of Civitanavi Systems S.p.A., said: “Today’s IPO marks another step forward in achieving our ambition to become one of the leading companies in the inertial stabilisation systems industry globally. We have built a company through vision and passion, developing a business that is based not only on innovation and industry-leading technology, but also on a deep understanding of the market and our current and potential customers around the world. I am onfident that all the people at Civitanavi Systems will continue to create value for the company, and that together we will be able to capitalise on our accomplishments to date, to continue providing our stakeholders with innovative, quality products. We have developed a solid expertise and a proven strategy. The listing on Euronext Milan will allow us to increase visibility and have more influence in the market, supporting our ambitions. I want to thank everyone for their hard work and effort in reaching this first milestone and welcome the new shareholders who are joining us in this exciting phase of our growth story.”

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