Global Fastener News

Italian industrial fastener manufacturer Vescovini Group is planning an initial public offering in Milan that could value the company at as much as $2 billion, Bloomberg reports. Vescovini may list in the fourth quarter, with Bank of America and Citigroup leading the offering.

“Deliberations are ongoing and no final decisions on the size, timing or location of an IPO have been taken,” writes Bloomberg’s Swetha Gopinath.

Vescovini manufactures more than 1.32 billion industrial fasteners, including nuts, bolts and axles, from 75,000 tons of steel annually to supply 2,500 customers in the automotive, construction and agricultural machinery sectors. 

The northern Italy fastener manufacturer employs over 700 direct and indirect employees and achieves annual revenue of EUR 235 million ($248 million) through four factories in Italy, one in Serbia, and a sales office and warehouse in Aurora, IL. Web: sbe.it/en/

“Europe’s IPO market has come to a near standstill since Russia’s invasion of Ukraine in late February,” writes Gopinath. “With hawkish central banks, soaring inflation and poor performance from the region’s 2021 crop of listings also weighing on investor sentiment, Europe is lagging recoveries under way in the U.S. and Asia.”