UPDATE 1-EuroGroup IPO heads for top half of valuation range

Kitco Media
By Reuters
Published:
Updated:
Reuters
(Adds background) LONDON, Feb 6 (Reuters) - Investors vying for a slice of Italian industrial company EuroGroup in its initial public offering (IPO) have been told to place orders in the top half of the proposed price range to avoid being outbid, a bookrunner note said on Monday. Orders below 5.50 euros ($5.91) per share risk missing out because indicated investor demand exceeds the transaction size, the note said. The company had set a price range of between 5 euros and 6 euros per share. EuroGroup is among the first European businesses to go public this year and its IPO is seen as a test for wider market appetite. The company is looking to raise up to 448 million euros
($480.6 million) through the sale of new and existing shares, representing a free float of just under half the company's stock. Books are due to close by end of business on Tuesday, with its debut on the Milan bourse scheduled for Friday. Shareholders Euro Management Services and French private equity firm Tikehau Capital are reducing their stakes through the offering. ($1 = 0.9321 euros) (Reporting by Pablo Mayo Cerqueiro Editing by David Goodman)

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.