Italian state-owned broadcaster Rai Way has priced its IPO at €2.95 (US$3.68) per share to give it a market capitalisation of €802m (US$1bn). Its free float will amount to 30.51%, or 34.93% if investors later tap a greenshoe option. The order book…
Italian state-owned broadcaster Rai Way has priced its IPO at €2.95 (US$3.68) per share to give it a market capitalisation of €802m (US$1bn).
Its free float will amount to 30.51%, or 34.93% if investors later tap a greenshoe option.
The order book was covered 2.1 times, according to Rai Way, although the shares reportedly priced at the bottom of a range that went up to €3.5 (US$4.36).
The shares will start trading on Milan’s stock exchange on 19 November.
Banca IMI, Credit Suisse and Mediobanca were coordinators for the offering, and also acted as joint book runners along with BNP Paribas and Citigroup.
Leonardo & Co was hired for financial advice and Rai Way’s legal advisers were Bonelli Erede Pappalardo and Squire Patton Boggs, while Clifford Chance advised the coordinators.
Rai Way provides a free satellite platform called tivùsat that uses Eutelsat Hot Bird 9 at 13E, as well as terrestrial and fibre networks in Italy.
The group has been mulling a privatisation for some time as the country’s government looks to asset sales to reduce its debt.
