File photo (c) Fincantieri – Cantieri Navali Italiani S.p.A
MILAN, June 13 (Reuters) – Italian state-owned shipmaker Fincantieri aims to make its debut on the Milan bourse in July with a stock market value of up to 1.84 billion euros ($2.5 billion), it said on Friday.
Fincantieri, maker of vessels ranging from luxury yachts to military aircraft carriers, said in a statement it would offer a stake of up to 38.2 percent stake, mostly made up of new shares, at a price range between 0.78 euros and 1 euro per share.
That would value the company, based in the northeastern port city of Trieste, at between 1.57 billion euros and 1.84 billion, and the initial public share offering up to 704 million euros.
The flotation – the bulk of which will be reserved for institutional investors – starts on Monday, the same day as that of UniCredit’s online banking unit Fineco.
Fincantieri is wholly controlled by Fintecna, itself owned by state financial holding Cassa Depositi e Prestiti.
The proceeds of up to 600 million euros from the issue will be used to bolster Financtieri’s finances.
Fintecna can at best cash in 200 million euros from the listing, meaning the Italian treasury does not stand to gain much from the privatisation. ($1 = 0.7345 Euros) (Reporting by Elisa Anzolin; Writing by Silvia Aloisi; Editing by David Holmes)
© 2014 Thomson Reuters. All rights reserved.
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