Italy post office IPO attracts 270,000 retail investors - source

Mailboxes are seen in central Rome October 9, 2015. REUTERS/Alessandro Bianchi

ROME/MILAN (Reuters) - Around 270,000 retail investors and more than 23,000 employees have subscribed to the Italian Post Office’s initial public offering (IPO), a source close to the situation said on Tuesday.

A second source familiar with the matter said the order book for the IPO had been covered three times.

Italy is selling up to 38.4 percent of the state post service behemoth and could raise as much as 3.7 billion euros ($4.20 billion) for stretched government coffers. The Treasury has set a price range of between 6 and 7.5 euros per share.

Banca IMI, controlled by Intesa Sanpaolo ISP.MI, Bank of America-Merrill Lynch BAC.N, Citigroup C.N, Mediobanca MDBI.MI and UniCredit CRDI.MI are global coordinators for the share sale.

Credit Suisse CSGN.VX, Goldman Sachs GS.N JP Morgan JPM.N, Morgan Stanley MS.N and UBS UBSG.VX are acting as bookrunners.

($1 = 0.8818 euros)

Reporting by Giuseppe Fonte and Francesca Landini, writing by Stephen Jewkes; editing by Silvia Aloisi