* IPO price fixed at 0.78 euros per share
* Cuts size of offer, Fintecna no longer to sell shares
* Offer to give initial market cap of 1.32 bln euros
* Fincantieri to debut in Milan on July 3
(Adds details, context)
MILAN, June 28 Italian shipmaker Fincantieri
said on Saturday it had priced its initial public offering at
the bottom of its price range at 0.78 euros per share and cut
the size of the offering by a third.
The company, which is wholly owned by Italian state lender
Cassa Depositi e Prestiti (CDP) through its Fintecna unit, is
offering 450 million shares for a total value of 351 million
euros ($479 million), excluding the overallotment option and
gross of fees and expenses, it said in a statement.
Fincantieri initially planned to offer up to a maximum of
704 million shares, made up of 600 million from a capital
increase and the remainder sold by Fintecna, at a price range of
between 0.78 euros and 1 euro per share.
However, the company said on Saturday Fintecna will no
longer sell any shares, which means the Italian treasury does
not stand to gain much from the privatisation, and all the
shares on offer would come from the capital increase.
Fintecna will, however, offer 50 million shares via the
Fincantieri, which makes vessels ranging from luxury yachts
to military aircraft carriers, said the offer would give it an
initial market capitalisation of 1.32 billion euros.
The company will make use of a claw-back option to change
the allocation of shares between institutional and retail
Sources said this week the company was likely to increase
the percentage of shares reserved for retails investors after a
lukewarm response from institutional buyers, for whom 80 percent
of the offering was initially reserved.
The shipmaker, one of several Italian companies rushing to
list on the Italian stock exchange this year, will debut in
Milan on July 3. Fincantieri launched the IPO to raise cash for
projects in the pipeline and to fund potential
Banca IMI, Credit Suisse, J.P. Morgan
, Morgan Stanley and UniCredit are
acting as global coordinators. Banca IMI is also the lead
manager of the public offering and UniCredit its sponsor.
The joint bookrunners are BNP Paribas, Citigroup
, Deutsche Bank, Goldman Sachs, HSBC
and Mediobanca. Fincantieri was advised by
Equita SIM and Fintecna by Rothschild.
($1 = 0.7331 Euros)
(Reporting by Agnieszka Flak; Editing by Sophie Hares)