Racing Force debuts on Milan exchange

The stock closed up 19% from the placement price

  
A man looks at an electronic board displaying stock index outside a bank in downtown Milan June 13, 2013.

A man looks at an electronic board displaying stock index outside a bank in downtown Milan June 13, 2013.

REUTERS/Alessandro Garofalo

MANAMA: Racing Force, parent company of Racing Force International based in Bahrain, has begun trading on Euronext Growth Milan, the market dedicated to medium-sized companies organised and managed by Borsa Italiana.

The stock closed up 19 per cent from the placement price, reaching a capitalisation of 127.2 euros.

The net proceeds deriving from the offering will be used by the company to finance the development and growth of the group’s business, strengthen its capital structure and maximise its future financial flexibility.

In particular, the group’s growth will be focused on integrating and diversifying the business on an international level by exploiting the strong technological expertise and the cross-selling opportunities.

“The stock exchange debut is a major milestone for Racing Force’s growth path,” commented Paolo Delprato, chairman and chief executive of Racing Force Group.

“The listing will provide us with adequate financial support to boost the development plans we have for the future on an international level. At this stage, after the successful integration process of all our highly recognised brands OMP, Bell Helmets and Zeronoise, we strongly believe it is the time for a growth that involves all our centres worldwide, enforcing the link that bundles our business and the countries we operate in.”

Racing Force International, developing and manufacturing all Bell Racing Helmets, has headquartered its production in Bahrain.

The location will support growth through its best value operating costs and access to several markets including the US which Bahrain signed an FTA with, and the kingdom’s trade and economic agreements with more than 40 countries, including China, France, India, Singapore and the UK.

Mr Delprato said he believes the kingdom will provide Racing Force with the perfect springboard for greater exports and growth into new international markets.

© Copyright 2020 www.gdnonline.com

Copyright 2021 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Equities