White & Case Advises Intercos on €350 Million IPO and Initial Capitalization of €1.2 Billion

Global law firm White & Case LLP has advised Intercos S.p.A. on its Rule 144A and Regulation S initial public offering (IPO) on Euronext Milan. 

The IPO consisted of the sale of 26.5 percent of the total share capital for a transaction value of approximately €350 million, resulting in a market capitalization of Intercos of approximately €1.2 billion. The Intercos IPO is the largest in Italy in 2021. 

Intercos is one of the main global B2B cosmetic suppliers, manufacturing and supplying make up and skin care products to around 680 clients globally. 

BNP Paribas, Morgan Stanley, UBS and Jefferies acted as joint global coordinators and joint bookrunner and BNP Paribas acted as sponsor.

The White & Case team that advised on the transaction consisted of partners Michael Immordino (London, Milan), Ferigo Foscari (Milan) and Inigo Esteve (London), associates Robert Becker and Fabrizia Faggiano (both Milan) and lawyers Alessia Aiello and Riccardo Viel (both Milan).

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