MILAN, Aug 12 (Reuters) - The Italian post office, gearing up for a 4 billion euro ($4.5 billion) initial public offering (IPO) later this year, will set a 5 percent limit on shareholdings by any single investor, a source close to the company said on Wednesday.
“The cap is going in the company bylaws,” the source said.
Italy is planning to sell up to 40 percent of Poste Italiane in a move to raise cash for stretched state coffers and help it make good on pledges to cut taxes.
The IPO, which will be launched mid-October, envisages a share sale to both retail and institutional investors.
The post office today makes around 85 percent of its revenues from insurance and financial services.
Earlier this month, there was media speculation the government might set a 5 percent cap, rather than the 3-5 percent previously expected.
Asked about this, Poste Italiane chairwoman Luisa Todini told a newspaper she thought the Treasury was looking to attract big investors and not overly fragment the shareholder base.
The Treasury did not comment.
The listing of Poste Italiane, initially planned for last year but pulled due to adverse market conditions, is set to be one of Europe’s biggest IPOs this year.
$1 = 0.8937 euros Reporting by Stephen Jewkes; Editing by Silvia Aloisi and Mark Potter