Italy's De Nora priced at bottom of IPO range - bookrunner

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ROME — Italy’s De Nora is expected to price its initial public offering (IPO) on the Milan market next week at 13.50 euros ($14.22) per share, a bookrunner memo showed on Friday, at the bottom end of company’s intended price range.

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The group is relying on cornerstone investors to defy the market volatility which has put on hold listings in both Europe and the United States.

The electrode maker had set a price range on Monday of between 13.50 and 16.50 euros per share for its listing, valuing the group at 2.72 billion-3.28 billion euros after taking into account the capital increase from the sale of new shares.

The bookrunner note added that the books for the offer are “multiple times oversubscribed at the (13.50 euros per share price) level.”

Snam holds a 36% stake in the company and De Nora brothers Federico and Michele a combined share of almost 64%, the IPO prospectus showed. Both shareholders will dilute their ownership with the upcoming IPO, but the De Nora family will keep a controlling stake after the listing.

($1 = 0.9496 euros) (Reporting by Giulia Segreti; Editing by Jan Harvey)