MILAN (Reuters) - Italy’s RCF, a professional audio equipment maker, said on Friday it had been given the green light to list its shares on the Milan bourse in an initial public offering that will value the company at up to 565 million euros ($620 million).
RCF said it had set a price range of 1.15-1.45 euros per share in the IPO, valuing the company at between 448 million euros and 565 million euros.
The IPO will run from Oct. 7 to Oct.17 and the company’s shares should start trading on Oct. 22, it said.
The offer will consist of new shares and the free float will be 33.7% of capital.
Chief Executive Arturo Vicari told Reuters that the company aims to use the proceeds from its IPO to pay off debt and seize M&A opportunities in the audio equipment industry.
Banca Imi (ISP.MI), BNP Paribas and Goldman Sachs are the joint global coordinators. Lazard is the financial advisor.
Reporting by Elisa Anzolin, editing by Stephen Jewkes and Susan Fenton