Italy's Fincantieri, whose initial public offering started on Monday, will not pay dividends in the medium-term, the shipmaker's Chief Financial Officer Fabrizio Palermo said at the roadshow before the listing.
Fincantieri's Chief Executive Giuseppe Bono explained the company would not pay dividends for the next three years.
The company, which is wholly owned by Italian state lender Cassa Depositi e Prestiti (CDP) through its Fintecna unit, said in a statement on Friday it would offer a stake of up to 38.2 percent stake, mostly made up of new shares, in a price range of 0.78-1.0 euros per share.
CDP's Chairman Franco Bassanini said a further placement of the company could not be ruled out.
(Reporting by Elisa Anzolin, writing by Francesca Landini)