MILAN May 21 Financial spread betting firm IG
Group is offering a grey market contract that allows traders to
bet on Poste Italiane's market value at the close of its first
trading day, now seen at 12.5 billion euros ($16.4 billion).
Earlier this year, Fabrizio Saccomanni, finance minister in
the last government, said the sale of a 40 percent stake in the
post office could raise 4.0-4.8 billion euros, a price analysts
said would value the group at around 10-12 billion euros.
Italy approved the sale plan last week as part of a wider
privatisation drive to cut public debt. The sale is expected to
be wrapped up this year.
The first bet using the grey market was placed at 12 billion
euros, the top of the indicative range, said Vincenzo Longo, a
strategist at IG.
"Now it's rising, we are at 12.5 billion (euros)," Longo
said. This is the first time IG has issued a pre-IPO contract on
the grey market for an Italian company, he added.
"It's a good way to figure out what the market expects from
this IPO," Longo said.
IG has offered the same type of contracts for the IPOs of
social network giants Facebook and Twitter,
Britain's Royal Mail, and still has one on offer for the
planned IPO of China's Alibaba Group Holding Ltd IPO-ALIB.N.
Poste Italiane, one of Italy's biggest employers with
146,000 employees, provides a range of services as well as
traditional mail delivery with its financial arm BancaPosta
counting as Italy's sixth biggest bank.
($1 = 0.7318 Euros)
(Reporting by Elisa Anzolin; writing by Agnieszka Flak; editing
by Keiron Henderson)