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Italy's Newlat cuts IPO size, extends offer deadline

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Italy's Newlat cuts IPO size, extends offer deadline

Italian dairy and wheat producer Newlat S.p.A. has reduced the number of shares it plans to offer in its IPO and extended the offer period by two days.

Newlat said in an Oct. 22 release that it now plans to offer up to 12.7 million shares in the listing, down from its earlier target of a maximum of 17 million shares.

The company said it is sticking to its price range of between €5.80 and €7.30 per share for gross proceeds of up to €92.7 million if fully subscribed.

Newlat also extended the deadline for the offer period to Oct. 24 from the prior Oct. 22 deadline "to allow the institutional investors most recently met to participate in the institutional offering."

The company said it received enough orders to cover the institutional offering. On Oct. 17, Newlat Chairman Angelo Mastrolia told Reuters that the company is optimistic about its IPO despite seeing two other Italian companies — yacht maker Ferretti SpA and audio equipment maker RCF Group SpA — shelving their IPO plans due to unfavorable market conditions.

Newlat is scheduled to start trading on the Italian exchange Mercato Telematico Azionario, managed by Borsa Italiana SpA. Borsa Italiana approved the admission to listing on Oct. 8.