October 15, 2018 / 7:52 PM / a month ago

Italy's Piovan revises IPO range to low end, books to close early

MILAN, Oct 15 (Reuters) - Italy’s Piovan has revised the price range of its initial public offering (IPO) to the lower end of earlier guidance, according to a note to clients issued by a bank involved in the process.

The guided price range is 8.3-8.5 euros per share, compared with 8.3-10.1 euros previously.

The note seen by Reuters said the books had been covered across the new range and would close on Tuesday, a day earlier than expected.

Piovan, which produces equipment for storage, transport and processing of polymers and plastic powders, is looking to offer 35 percent of its capital in the IPO, with a greenshoe offer for a further 15 percent. (Reporting by Paola Arosio and Elisa Anzolin; Writing by Stephen Jewkes; Editing by Mark Potter)

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