Mandarin Capital announced on Monday that it would selling its stake via an accelerated book building arrangement. An accelerated book build is when a firm offers its shares in a short time period. There is usually little or no marketing about the offer. The procedure also lasts in just one or two days. 

Two traders told Reuters on Tuesday that Mandarin Capital sold its 7.57% share in IMA (Industria Macchine Automatiche) for EUR 18.6 per share. A trader also told the international news agency that Mandarin Capital would be selling its shares of anywhere from EUR 18.5 to EUR 18.8 per share. Mandarin Capital is a Chinese-Italian private equity firm. IMA designs and manufactures automatic machines to process and package cosmetics, pharmaceuticals, coffee, tea and other foods. It was established in Bologna in 1961. 

Investopedia explains that an accelerated book build is used when a firm needs immediate financing and debt financing is not possible. Usually, a company goes into an accelerated book building procedure when it wants to buy another company.