IPO of Italy's Cerved covered at low-end of price range - sources

MILAN, June 12 Thu Jun 12, 2014 8:57am EDT

MILAN, June 12 (Reuters) - The initial public offering of shares in Italian business credit data provider Cerved has been fully covered at the low-end of the price range, two sources close to the matter said on Thursday, five days ahead of the conclusion of the IPO.

"Books are covered on base deal size .. at the low end of the price range," one of the sources told Reuters.

Investors are being offered up to 84 million new and existing shares at a price of between 5.0 and 6.5 euros apiece, giving the company a value of up to 1.3 billion euros ($1.8 billion) and a free float of at least 43 percent of its shares.

Cerved aims to go on growing with mainly small acquisitions, its chief executive Gianandrea De Bernardis said on June 9 at the start of a roadshow to present the IPO.

Shares in the business information provider are due to debut on June 24. ($1 = 0.7345 Euros) (Reporting by Elisa Anzolin, editing by Danilo Masoni)

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