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Italy's Newlat prices IPO at low end of range

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Italy's Newlat prices IPO at low end of range

Italy's Newlat SpA said Oct. 24 that it has closed the institutional offering of its IPO in Milan, pricing its stock at €5.80 apiece, the bottom end of its proposed price range.

The dairy and wheat producer said the entire 12.7 million shares in the offering were subscribed for, and the 1.27 million shares of the greenshoe option were entirely placed.

The company will start trading on the Italian exchange Mercato Telematico Azionario, managed by Borsa Italiana SpA.

Newlat had earlier set a price range of between €5.80 and €7.30 per share for gross proceeds of up to €92.7 million if fully subscribed.