PanariaGroup enjoys successful stock market launch

Nov 30, 2004

30/11/04 - PanariaGroup (Panaria, Lea, Cotto d’Este, Fiordo and Margres), an industrial group based in Finale Emilia, Italy and owned by the Mussini family, has announced a better than expected response to its stock market launch.

The allocation registered an oversubscription 1.4 times the quantity of shares offered, both for the retail offer and for the offer reserved for institutional investors.
The global offer closed with more than 20.5 million shares subscribed against a total offer of 14.4 million. In view of this extremely positive result, PanariaGroup has decided to increase its offer reserved for the public from 3.6 to 5 million shares in order to assure all applicants a minimum allocation.

The capital placed on the market amounts to 35.2% of the total. Finpanaria, the Mussini family’s holding company, remains the majority shareholder, with a 64.8% stake compared to 95% prior to listing. The objective of flotation is to allow the Panaria Group to expand in both Italian and foreign markets. Panaria’s strategic plans for the next two years

include the takeover of a Spanish ceramic company in the high end of the market, construction of a facility in the United States and a major investment in Italy.