It was the largest international stock offering ever launched, and the biggest flop in the Euro-equity market to date. The attempt to sell $2.1 billion of Fiat shares in late September – $1.6 billion internationally and $500 million in Italy -left the underwriters with heavy losses and caused acute embarassment for the lead manager, Deutsche Bank Capital Markets. But it also provided some valuable lessons, and most observers agree that thc debacle will not undermine the continued growth of the international equity market.
In many ways, the Flat offering was unique, and not just in terms of its size.
Access this research
Enter your work email address to sign in or check whether your organisation already has access to Euromoney.
