Poste Italiane's offer for listing on the Stock Exchange is already covered at a price above the minimum. At the end of the second day of the IPO, the institutional placement, which corresponds to 70% of the global offer, has already collected orders exceeding 317 million securities available to investors, for a price exceeding 6 euros, i.e. the minimum of the indicative range of 6-7,5 euros.
Demand is moving towards the upper end of the range also in function of an expected dividend yield higher than 4% even in the event of a maximum price. The IPO launched yesterday will end on 22 October, barring early closure, and includes, in addition to the institutional placement, also an offer to the general public of 135,9 million shares.
In the price range indicated, Poste Italiane is valued at between 7,8 and 9,8 billion euros. In the event of the sale of the maximum share envisaged, equal to 38,2%, the Treasury will collect between 2,9 and 3,7 billion euros.
