ROME, Feb 8 (Reuters) – Italy’s EuroGroup Laminations, a maker of components for electric motors and generators, priced its initial public offering (IPO) at 5.5 euros ($5.90) per share on Wednesday, marking the meets expectations.
Expected to debut on the Milan Stock Exchange on Friday, Eurogroup is the first major IPO in Italy since electrode maker Industrie De Nora (DNR.MI) went public last June and is seen as an appetite test in European markets.
“The offering attracted significant interest from institutional investors with broad geographic coverage, resulting in demand that was several times oversubscribed,” the company said in a statement.
Eurogroup said gross proceeds from the offering, including the over-allotment option awarded to JP Morgan (JPM.N) as stabilization manager, would total around 432 million euros, including a capital increase of around 250 million euros.
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The market capitalization at the start of trading will be around 922 million euros, it said.
($1 = 0.9315 euros)
Reporting by Alvise Armellini, editing by Barbara Lewis
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