LONDON -Investors vying for a slice of Italian industrial company EuroGroup in its initial public offering (IPO) have been told to place orders in the top half of the proposed price range to avoid being outbid, a bookrunner note said on Monday.
Orders below 5.50 euros ($5.91) per share risk missing out because indicated investor demand exceeds the transaction size, the note said. The company had set a price range of between 5 euros and 6 euros per share.
EuroGroup is among the first European businesses to go public this year and its IPO is seen as a test for wider market appetite.
The company is looking to raise up to 448 million euros ($480.6 million) through the sale of new and existing shares, representing a free float of just under half the company's stock.
Books are due to close by end of business on Tuesday, with its debut on the Milan bourse scheduled for Friday.
Shareholders Euro Management Services and French private equity firm Tikehau Capital are reducing their stakes through the offering.
($1 = 0.9321 euros)
