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Equita assisted Ariston with its IPO on Euronext Milan

Ariston’s institutional placement: the largest IPO in Italy of the year. The group – assisted by Equita as joint Bookrunner – will debut on market next 26 November 2021. With this transaction Equita further underscores its role of leading ECM franchise in Italy, with 17 deals successfully priced in 2021.
Equita assisted Ariston IPO

Milan, 25 November 2021 – Ariston – a global player in sustainable comfort solutions for hot water and space heating – disclosed the final results of the institutional placement announced to the market last 8 November 2021. The latter has been successfully completed with a final offer price of 10.25 euro per share. Total proceeds amounted to 915 million euro (including the over-allotment option).

The deal is a landmark transaction for the Italian market, representing the largest IPO in Italy in 2021. The final order book was truly international and nicely over-subscribed, with allocations extremely concentrated and skewed towards long only accounts and anchor investors.

Ariston will debut with 3.4-billion-euro market cap. Free float will amount to approximately 27% including the over-allotment option.

The ECM team of Equita and its trading floor assisted Ariston as Joint Bookrunner. This transaction further underscores Equita’s role as leading ECM franchise in Italy, with 17 deals successfully priced since the beginning of 2021. Equita, in fact, is the #1 ECM franchise in Italy by both total transaction volumes and number of deals: 12 cash equity deals were successfully completed through a unique mix of IPOs, SPACs, ABBs, Reverse ABBs and Rights Issues, in addition to 5 public M&A deals (ASTM, Creval, Guala Closures, Carraro, Cattolica).

Ariston intends to use the net proceeds deriving from the issue of new shares to support and develop further growth of the group, invest and accelerate the organic growth – such as digital route to market, technologies and industrial footprint – and to finance acquisitions of businesses, technologies and intellectual property rights in the future. The admission on Euronext Milan will also further enhance Ariston's profile and brand recognition and aims to permit the group to continue to attract talented individuals in the future.


All over the world, Ariston Group is synonymous with comfort, energy efficiency and respect for the environment, thanks to its renewable and high efficiency products, its plants in compliance with the most advanced production standards and excellent pre- and after-sales customer support services. The Group now has a leadership position in the global thermal comfort market for residential and commercial spaces.