On Monday, May 17, initial public offering for Italian coffee maker Massimo Zanetti Beverage (MZB) kicked off. Share offering started on Monday, May 17 and runs to May 28. MZB already owns several well-known global brands, such as Segrafredo (Italy), Chuck full o’ Nuts (USA), Chase & Sarbon (USA), Hills Bros (USA), Brodies (UK), and it is active abroad with nearly 400 cafes worldwide.
The float involves the offering of 11 million shares. The official debut of MZB Group on the Milan Stock Exchange is confirmed for June 3. If fully underwritten, MZB will remain the majority stake holder but, the float will reduce MZB’s stake to 64-68 per cent. Part of the proceeds from its stock market listing will go towards the payment of the debt that arose from the purchase of the Singapore Boncafe Group in 2014.
Massimo Zanetti Beverage ended 2014 with revenues of €781m and it is the fifth biggest coffee producer in the world after giants like Nestlé and Kraft. The headquarters are based near Bologna in Northern Italy.
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