Italy's post office valued at up to 9.8 billion euros in IPO
The Treasury said the post office group would be offering up to 38.2 percent of its capital, in a price range of 6.00-7.50 euros per share, roughly in line with market expectations.
The offer price suggests the share sale of Poste Italiane , which will be offered to institutional and retail investors from Oct. 12 until Oct. 22, could raise up to 3.74 billion euros, excluding fees and other costs. The share sale for Poste employees will end on October 21.
Poste Italiane said it will pay out at least 80 percent of its 2015 and 2016 net profit in dividends.
Poste Italiane will also grant retail investors a bonus share for every 20 held for one year. Thirty percent of the share sale will be reserved for individual investors. ■