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UniCredit online unit Fineco eyes 2.7 billion euro value in IPO
June 12, 2014 / 6:40 PM / in 3 years

UniCredit online unit Fineco eyes 2.7 billion euro value in IPO

A man talks on the phone outside the UniCredit Bank headquarters in Milan March 11, 2014. REUTERS/Alessandro Garofalo

MILAN (Reuters) - Italian lender UniCredit (CRDI.MI) said on Thursday its online unit Fineco will list a 30 percent stake in an initial public offering that could value the company at up to 2.668 billion euros ($3.6 billion).

All the 181.9 million Fineco shares offered to investors before the possible exercise of a greenshoe option, will be sold by UniCredit, Italy’s biggest bank by assets, to bolster its balance sheet as it undergoes a Europe-wide health check of lenders.

In a statement announcing regulatory approval for the IPO, UniCredit said the shares will be offered at between 3.5 euros and 4.4 euros apiece from June 16 to June 26.

If the greenshoe option is fully exercised, a further 4.5 percent of Fineco will be floated, bringing the free float to 34.5 percent.

Reporting by Danilo Masoni, editing by Isla Binnie

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