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Borsa Italiana denies authorization for Popolare di Vicenza's IPO

Italy's newly created Atlante bank rescue fund will end upwith a 99.33% stake in BancaPopolare di Vicenza SpA after the lender confirmed May 2 that BorsaItaliana declined to authorize the commencement of trading of the lender'sshares.

Investors had submitted subscription requests for only7.66% of the bank'sglobal offering. A free float of 25% is typically required forlisting authorization by Borsa Italiana.

As a result of the failure to list, subscriptions to thebank's global offering are deemed void, and the Atlante fund will take up 100%of the global offering, amounting to 15 billion shares at the offer price of 10euro cents apiece.

Had the listing been approved, would have ownedapproximately 5% of the bank, Reuters wrote the same day, citing "a sourceclose to the matter."