IPO seen valuing Italian post office at 8-10 billion euros

Post by **TrueBlueTerrier** » 27 Sep 2015, 11:10

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The upcoming initial public share offering of Italy's post office is expected to value the company at 8-10 billion euros ($9-11.2 billion), allowing the government to raise up to 4 billion euros from the partial privatization, two sources close to the matter said.

The treasury aims to list up to 40 percent of Poste Italiane PSTIT.UL to revive a stalled privatization process aimed at cutting Italy's public debt pile and helping Prime Minister Matteo Renzi make good on pledges to cut taxes.

The share sale should start on Oct.12, sources have said. A successful listing of Poste Italiane will then open the way for the sale of air traffic control operator Enav in the first half of 2016, while the listing of the national railway company is scheduled for the second half of next year.

The banks acting as global coordinators of the IPO are Intesa Sanpaolo (ISP.MI), BofA-Merrill Lynch (BAC.N), Mediobanca (MDBI.MI), Citigroup (C.N) and UniCredit (CRDI.MI).

($1 = 0.8930 euros)