(Alliance News) - Kruso Kapital Spa announced Wednesday the start of trading of its ordinary shares on the professional segment of Euronext Growth Milan.

Kruso Kapital heads the eponymous group operating in the pawn credit business and in the auction house market for valuables, art objects and other collectibles.

"The listing process," the company explained in a note, "represents a further step of growth in the development of its strategy, characterized by a national and international expansion plan, digitization projects and diversification also through synergies with the auction house Art-Rite and the new Art-Kredit service.

Based on the offer price of EUR1.86 per share, Kruso Kapital's capitalization at the start of trading is about EUR45.7 million. The free float is about 15.29 percent of the share capital, counting within it shares owned by Foundations other than the shares contributed in the lock-up agreement or subject to restrictions of the same nature.

"The listing on the Euronext Growth Milan market, the first in 2024, marks an important milestone in Kruso Kapital's growth path," comments Giuseppe Gentile, the company's general manager. The capital raised further strengthens the capital soundness of the company whose total capital ratio as of September 30, 2023, pre-money, was 20.2 percent and, post-money, in the same period, would have been 24.5 percent, compared to the minimum requirement of 6 percent. The RoTE, which has been steadily increasing in 2023, was around 30 percent at the end of September. The company, having obtained a fair valuation at the highest level of the valuation range, which already takes into account the minority discount, will continue to grow thanks to acquisitions in Italy and abroad, most recently in Portugal, and investments in the digitization of the services offered."

By Chiara Bruschi, Alliance News reporter

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