October 10, 2019 / 2:56 PM / 4 days ago

Italian food group Newlat to launch IPO next week: source

MILAN (Reuters) - Italian food group Newlat will launch its initial public offering next Monday, aiming to debut on the Milan bourse in two weeks time, a source with knowledge of the matter said on Thursday.

The group, based in the northern town of Reggio Emilia, owns a portfolio of more than 20 food brands including pasta label Delverde and Gudo gluten-free products.

The group said earlier this week it wanted to sell 17 million new shares through the IPO to raise fresh funds for acquisitions and to improve its existing plants. [L5N26T1TR]

“The share sale is expected to start on Oct. 14 and to end a week later,” the source told Reuters.

The food group has set a price range of 5.80-7.30 euros per share, which it said corresponds to a valuation before the capital increase of between 157 million and 197 million euros ($217 million).

In May, Newlat’s Chairman and owner Angelo Mastrolia told Reuters he was ready to loosen his grip on the company to beef up the group’s financial resources in order to expand.

Equita, HSBC and Societe Generale are joint global coordinators and joint bookrunners for the IPO. Equita is also a sponsor for the share sale.

Reporting by Francesca Landini; Editing by Kirsten Donovan

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