Aeffe IPO institutional tranche covered once-sources

MILAN, July 18 (Reuters) - The institutional tranche of the initial share sale by Italian design house Aeffe SpA, whose brands include Moschino and Alberta Ferretti, has only just been covered, financial and market sources said on Wednesday. The tranche represents 90 percent of the full IPO for Aeffe.

The offering has been priced at between 4.1 to 5.4 euros per a share, giving the company an overall valuation of 440 million and 580 million euros ($606.5 million - $799.4 million). "(The tranche) has just been covered, with the most of the bidding concentrated at the lower end of the price range," one of the sources said.

Recent IPOs in Italy have included one for utility Enia, which was covered seven times.

Aeffe is offering a 32.41 percent stake through the IPO, including at least 3.48 million shares for public subscription and a placement of 31.32 million with institutional investors.

Bookbuilding started on July 9 and closed on Wednesday. Aeffe shares will start trading on the Milan stock exchange on July 24.

Aeffe also owns Pollini brand and is licenced to produce Jean Paul Gaultier fashion. Alberta Ferretti womenswear is known for its focus on feminine shapes and soft fabrics.

Banks Mediobanca (MDBI.MI) and Merrill Lynch MER.N are advising on the offering.

((Writing by Irene Chiappisi; Editing by Richard Hubbard; Milan newsroom +39 02 66129507, fax 0039 02 801149, milan.newsroom@news.reuters.com))

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