Italian food group Newlat said on Friday it expected its shares to start trading on the main segment of the Milan bourse on October 24, after it received approval for its initial stock offering from market regulator Consob.
Newlat, which owns pasta brand Delverde, is listing up to 41% of its capital, offering shares at between €5.80 and €7.30 each.
The offer will start on October 14 and is due to end on October 22, Newlat said.
In a statement, Newlat said that the final offer price will be determined according to: the open price mechanism at the end of the institutional offering, taking into consideration factors including the economic results achieved by the company and the group; the prospects for the current and subsequent years; the domestic and international market conditions; and the evaluation methods most commonly recognised at domestic and international level
In addition, the quantity and quality of demand received by Italian and institutional foreign professional investors will also be considered, along with any other factor necessary for the successful completion of the transaction.
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