Intesa’s Banca IMI Plans to Advise on 10 IPOs as Market Picks Up

Intesa Sanpaolo SpA’s investment banking unit plans to advise on about 10 initial public offerings within the next eight months as Italy’s market shows signs of revival, according to Banca IMI SpA.

Italian companies have raised $3.5 billion in 20 IPOs this year, heading for the busiest year since 2007, data compiled by Bloomberg show. Equity and debt capital-market deals helped boost Banca IMI’s revenue 22 percent in the first half, it said Aug. 1.

“I’m extremely satisfied so far” with overall transactions, Gaetano Micciche, Banca IMI’s chief executive officer, said in an interview in Cernobbio, Italy, on Sept. 6. “We will reach our budget targets this year for sure.”

Banca IMI, which participated in listings of Anima Holding SpA, Fincantieri SpA and Cerved Information Solutions SpA in the first half, has a pipeline that includes Rai Way SpA and Italiaonline SpA, Micciche said. Debt deals in the second half will be in line with the first six months of the year, when Banca IMI acted as bookrunner in 44 transactions worth 14.5 billion euros ($18.8 billion), he said.

Intesa Sanpaolo, Italy’s second-largest bank, almost doubled profit to 217 million euros in the second quarter, with help from asset sales and higher fees for trading. Earnings outstripped the 118.7 million-euro average estimate of nine analysts surveyed by Bloomberg.

Banca IMI is seeking to generate higher returns from corporate clients, competing on advice and securities underwriting with banks such as Deutsche Bank AG and Credit Suisse Group AG, Micciche said. The investment banking unit’s revenue will probably grow 6 percent a year through 2017, when sales are projected to reach 1.6 billion euros, according to Intesa’s four-year strategic plan announced in March.

International Level

“We are increasing our market share at the international level, taking advantage of the decision by some players to pull back from investment banking,” Micciche said. “We are the first investment bank in Italy for volumes and profitability, and we are strongly growing in Europe.”

Intesa plans to open new offices in Washington as well as India amid a plan to boost corporate and investment-banking services abroad, said Micciche, who also is the general manager of the parent company.

“We want to strengthen our international presence in those regions that have high growth potential and are of interest to large and medium-sized Italian businesses,” Micciche said. “We aim to finalize the new openings by the first half of 2015.”

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