April 30, 2014 / 1:32 PM / 4 years ago

Italy's Rottapharm eyes $3 bln valuation in IPO -source

MILAN, April 30 (Reuters) - Rottapharm Madaus aims to float a 40 percent stake in an initial public offering that values the Italian pharmaceutical group at up to 2.2 billion euros ($3 billion), a source close to the matter said.

“The company aims to reach a market capitalization of between 1.9-2.2 billion euros,” the source told Reuters.

The source said the shares offered in the IPO will be sold by existing shareholders.

Rottapharm, which is controlled by the Rovati family and is based in the northern Italian town of Monza, said earlier on Wednesday it had filed a request to list its shares on the Milan bourse.

$1 = 0.7237 Euros Reporting by Elisa Anzolin, writing by Danilo Masoni, editing by Paola Arosio

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