MILAN, Nov 19 (Reuters) - Italian airport operator SEA will pay out up to 70 percent of earnings in dividends, its chairman said on Monday as the group’s initial public offering got under way.
The IPO could value the operator of Milan’s Malpensa and Linate airports at up to 1.2 billion euros ($1.5 billion), based on an indicated share price range of 3.2-4.3 euros.
“We see a dividend payout that will reach as much as 70 percent over a period of three years,” Giuseppe Bonomi said at a roadshow news conference.
The province of Milan is selling a 14.6 percent stake in SEA whose listing will also include the sale of 24.4 million new shares, making the total size of the offering as much as 252 million euros.
The final price was expected to be set on Dec. 3 with the shares making their stock market debut on Dec. 6.
It is the second IPO on Milan’s main stock market this year.
Mediobanca, Banca IMI, Morgan Stanley and UniCredit are the global coordinators. ($1 = 0.7803 euro) (Reporting by Massimo Gaia; Writing by Jennifer Clark; Editing by Dan Lalor)