Institutional Part in Fincantieri IPO Still Not Fully Covered

Posted by Eric Haun
Thursday, June 26, 2014
Fincantieri's Ancona yard (Photo courtesy of Fincantieri)

The part reserved to institutional investors in the initial public offering of Italian shipbuilder Fincantieri was still not fully covered as of Wednesday evening, two sources close to the matter said on Thursday.

The company is likely to increase the percentage of shares it has reserved for retail investors which have shown big interest in the IPO so far, the sources added.

"There's been very good demand from retail investors... so the part reserved to retail could be increased," one of the sources told Reuters.

Fincantieri, builder of vessels ranging from luxury yachts to military aircraft carriers, is offering a stake of up to 38.2 percent in the IPO, which ends on Friday.

At the moment, 80 percent of Fincantieri's IPO is reserved to institutional investors.

(Reporting by Elisa Anzolin, writing by Agnieszka Flak)

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