Italy's Civitanavi Systems to list on Euronext Milan market

Italy's Civitanavi Systems to list on Euronext Milan market
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By Reuters
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MILAN -Italy's Civitanavi Systems plans to list on Euronext Milan stock market in order to increase production capacity and improve product innovation, the inertial navigation and stabilisation system company said on Wednesday.

Born as a start-up in 2012, Civitanavi Systems aims to raise around 40 million euros ($45.33 million) from new shares issued as part of the offering, a private placement that will include also the sale of existing shares.

The company makes systems that serve to track the position, speed and acceleration of objects, such as ships, aircraft, missiles and spacecraft, as well as mobile robots.

The company, controlled by the sole shareholder Civitanavi Systems Ltd., does not rule out growing through acquisitions of companies with complementary research and development skills.

The group posted 19.1 million euro revenue and 5 million euro earnings before interest, tax, depreciation and amortisation (EBITDA) in 2020. It employs 118 people in Italy and sells its products also in Australia, Canada, South Africa, Taiwan, Turkey, Britain and the United States.

($1 = 0.8825 euros)

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