Fineco says sets ipo price at 3.7 euros a share price
MILAN, June 27
MILAN, June 27 (Reuters) - Fineco, the online broker of Italian bank UniCredit, said on Friday it had priced its initial public offering at 3.7 euros a share, the bottom of its revised price range.
In a statement, the broker said its initial market capitalisation would be equal to 2.243 billion euros ($3.05 billion). This would boost UniCredit's Common Equity Tier 1, the measure of a bank's financial strength, by 14 basis points.
The improvement in regulatory capital could be of 16 basis points if the over-allotment option available to underwriters is exercised in full.
UniCredit is set to cash in between 360 million euros and 410 million euros in capital gain proceeds from the IPO.
Fineco, one of several Italian companies rushing to list on the Italian stock exchange this year, will debut in Milan on July 2.
($1 = 0.7359 Euros) (Reporting by Lisa Jucca; editing by Elaine Hardcastle)