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Italy's Newlat chairman optimistic about IPO

Italian dairy and wheat producer Newlat SpA is confident about its planned IPO despite two other Italian companies pulling out their planned listings over unfavorable market conditions, Reuters reported Oct. 17, citing Newlat Chairman Angelo Mastrolia.

Yacht maker Ferretti SpA and audio equipment maker RCF Group SpA shelved their IPO plans earlier on Thursday.

Back in July, Mastrolia told the news outlet that the company is planning to launch its Milan IPO in the fall, targeting to raise about €200 million.

In the latest report, the chairman told Reuters that he is "very optimistic about the success of Newlat's IPO," adding that the company has attracted international institutional investors ahead of the close of the bookbuilding process on Oct. 22. The newswire said the books for the offer were not fully covered yet.

"The price for our share sale offers a discount compared with peers," Mastrolia reportedly said.