October 24, 2019 / 4:18 PM / a month ago

Italian food group Newlat sets IPO price at low end of range

MILAN (Reuters) - Italian food group Newlat completed its initial public offering on Thursday, setting an IPO price of 5.80 euros per share, at the low end of its indicative price range.

Newlat cut the size of its offer to 12.7 million shares and extended its sale deadline after luxury yacht maker Ferretti and professional audio equipment RCF canceled their IPOs, underlining the choppy conditions of the Italian markets.

Newlat, which owns a portfolio of brands including dairy label Optimus, will debut in Milan on Oct. 29.

It had originally set an indicative price range of 5.80-7.30 euros per shares for its IPO.

An increasingly gloomy world economic outlook, trade turbulence between the United States and China and the failure of the much-hyped IPO of office rental group WeWork has soured investor appetite for share listings worldwide.

Reporting by Francesca Landini, editing by Giulia Segreti and Alexandra Hudson

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