Italy's EuroGroup sets IPO price at 5.50 euros per share

Italy's EuroGroup sets IPO price at 5.50 euros per share
By Reuters
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ROME - Italy's EuroGroup Laminations, a maker of components for electric motors and generators, on Wednesday set a price of its initial public offering (IPO) of 5.5 euros ($5.90) per share, in line with expectations.

Eurogroup, which is expected to debut on Friday on the Milan Stock Exchange, is the first big IPO in Italy since electrode maker Industrie De Nora listed last June and is seen as a test of appetite in European markets.

"The Offering received strong interest from institutional investors, with a wide geographical coverage, resulting in a book of demand multiple times oversubscribed," the company said in a statement.

Eurogroup said the gross proceeds from the offering, including the overallotment option awarded to JP Morgan as stabilisation manager, would amount to around 432 million euros, including a capital increase of about 250 million euros.

Its market capitalisation at the start of trading will be around 922 million euros, the statement added.

($1 = 0.9315 euros)

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