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Contenuto principale

Privatization of ENAV S.p.A.



After Poste Italiane’s stock market debut on 27 October 2015, negotiations for the privatization of ENAV S.p.A (Ente Nazionale di Assistenza al Volo) were launched on 26 July 2016. This is another major step forward in the Government’s privatisation programme, and it aims to strengthen ENAV, boost the capital market, and identify financial resources to be used for debt reduction. ENAV concluded its first day on the stock market at € 3.65 a share, a 10.6% increase over its opening price of € 3.30. The Minister of Economy and Finance, Pier Carlo Padoan, said he was “very satisfied” with ENAV’s stock market performance (Italian Version). He underscored the success of the company’s stock market debut in spite of post-Brexit market turbulence: "This result was made possible by the work carried out by management and the various professionals that have contributed to this success. The government – the Minister stated – is concretely implementing its programme, and continuing along the path to privatisation in a serious and courageous manner".

ENAV is the company that provides air traffic control services along with all other essential services for air travel in Italy’s airspace and civilian airports, with ever-improving levels of safety, efficiency, and reliability. ENAV is an integral part of the international air traffic network and is one of the leading European service providers in terms of the level and quality of its services. In addition to managing the national airspace, the company also has a presence on the international market, particularly in southeast Asia through its subsidiary Enav Asia Pacific.

Pursuant to the Decree of the Presidency of the Council of Ministers of May 2014 (Italian Version), privatisation calls for the sale of up to 49% of ENAV’s capital through IPOs. The global offering, launched on 11 July 2016, had a maximum of 230 million ordinary shares, or 42.5% of share capital. The global offering ran until 21 July and took the form of a public offering in Italy for the public at large and for ENAV Group employees, with a minimum of 23 million shares (or 10% of the global offering), and an offering for Italian and foreign institutional investments, with 207 million shares (90% of the global offering).

The offering price and the institutional price were both set at € 3.30 a share. "We cannot fail to stress - Minister Padoan added – that demand was about eight times higher than supply. Savers, employees, and major Italian and foreign investors all took part". Fabrizio Pagani, head of the Ministry’s technical secretariat, pointed out that “ENAV is the first air traffic control company to be traded on the stock market. Its technological value, the professionalism of its air traffic controllers, and the skills of its management were evidenced by the interest shown by investors over the last few months”.

On 2 August 2016 Mediobanca, on behalf of the other Global Coordinators, exercised in full and ahead of its deadline the Greenshoe option granted by the Ministry of Economy and Finance for a total of 22,600,000 ordinary shares. Including the Greenshoe option, the global offering thus involved 252,600,000 ordinary shares, or 46.6% of share capital, for a total value of about € 834 million.



SELLER: Ministry of Economy and Finance
When: 11-21 July 2016
Share of the capital on offer: 42.5% (46.6% if the Greenshoe option is fully exercised)
Value of the offering: € 759 million (about € 834 million if the Greenshoe option is fully exercised)
Offering price: € 3.30
Scope: 230 million shares
- IPO for the public at large and ENAV employees: 23 million shares (10% of the global offering)
- Italian and foreign institutional investors: 207 million shares (90% of the global offering)
Greenshoe option (if exercised, reserved for institutional investors): 22.6 million shares
Global oversubscription: about 8x


When: 11-21 July 2016
Share price: € 3.30
Applicants: 16,413 of which 659 ENAV Group employees
Amount of shares requested: 55,034,500 shares IPO
Oversubscription (compared to the offer): 2.4x
Amount assigned to the public: 23 million shares


Share price: € 3.30
Demand: 1,759 million shares
Oversubscription (Compared to the offer): 8.5x (7.7x considering the Greenshoe option)
Quantity assigned: 207 million shares (additional 22.6 million shares if Greenshoe option fully exercised)

Official press releases

08/02/2016 - Global Offering: Greenshoe option exercised in full
07/26/2016 - Padoan, very satisfied with ENAV stock market debut (Italian Version)
07/21/2016 - ENAV, the share offering concludes successfully
07/07/2016 - ENAV privatisation to start on Monday 11 July 2016
09/29/2015 - ENAV: The of the credit guarantee and securities placement consortium has been defined (Italian Version)
06/26/2014 - ENAV privatisation: MEF selects Rothschild as its financial consultant and Shearman & Sterling as its legal consultant (Italian Version)
05/16/2014 - The Council of Ministers approves the two decrees on the privatisation of Poste Italiane and Enav spa (Italian Version)

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