MILAN, June 13 Italian state-owned shipmaker
Fincantieri aims to make its debut on the Milan bourse in July
with a stock market value of up to 1.84 billion euros ($2.5
billion), it said on Friday.
Fincantieri, maker of vessels ranging from luxury yachts to
military aircraft carriers, said in a statement it would offer a
stake of up to 38.2 percent stake, mostly made up of new shares,
at a price range between 0.78 euros and 1 euro per share.
That would value the company, based in the northeastern port
city of Trieste, at between 1.57 billion euros and 1.84 billion,
and the initial public share offering up to 704 million euros.
The flotation - the bulk of which will be reserved for
institutional investors - starts on Monday, the same day as that
of UniCredit's online banking unit Fineco.
Fincantieri is wholly controlled by Fintecna, itself owned
by state financial holding Cassa Depositi e Prestiti.
The proceeds of up to 600 million euros from the issue will
be used to bolster Financtieri's finances.
Fintecna can at best cash in 200 million euros from the
listing, meaning the Italian treasury does not stand to gain
much from the privatisation.
($1 = 0.7345 Euros)
(Reporting by Elisa Anzolin; Writing by Silvia Aloisi; Editing
by David Holmes)