(Alliance News) - Abruzzo-based Pasquarelli Auto Spa made its debut Friday on Piazza Affari, bringing to 197 the number of SMEs listed on the Italian stock exchange.

Established in 1986 in San Salvo, Abruzzo, Pasquarelli Auto is active in the trading of new and used cars and commercial vehicles-through its own SecondLife brand-as well as in short-, medium- and long-term rentals as well as in spare parts service and sales.

During the placement, the company raised EUR5.2 million, excluding the potential exercise of the over-allotment option that would bring the total amount to EUR5.6 million. The free float at the time of admission is 15 percent and the market capitalization at IPO is EUR34.8 million.

"Achieving such an important milestone as the IPO makes us proud and represents a milestone in the growth path we are pursuing that has seen us grow steadily over the past 10 years, with a CAGR of 32 percent," commented CEO, Marco Pasquarelli.

"Thanks to the IPO, we will be able to further consolidate our role as a mobility provider, accelerating the development of our services, including through growth by external lines, expansion of current locations, and territorial expansion, with a focus on SecondLife, the proprietary brand dedicated to the sale of used cars characterized by a unique and highly profitable business model."

Pasquarelli Auto's stock closed Friday down 5.0 percent at EUR1.33 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

Comments and questions to redazione@alliancenews.com

Copyright 2023 Alliance News IS Italian Service Ltd. All rights reserved.