Italy Planning Year’s Biggest Public Offering
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The Italian government said Monday that it plans to sell almost a quarter of the electric utility Enel--more than originally planned--to raise as much as $12.8 billion in what would be the year’s biggest initial public offering.
The government increased the size of the sale to 23% from an earlier 15% to 18%, citing strong demand. The deal is expected to value Enel at $38.5 billion to $48.8 billion.
Italy’s biggest electricity supplier and the No. 2 generator in Europe is pushing into phone, water and natural gas as deregulation brings rivals into its home power market. Chief Executive Franco Tato is also cutting 30% of Enel’s 85,000 jobs.
Money managers can place orders through Oct. 29, while individuals can order shares after a maximum price is set Oct. 23. The final price is expected to be set Oct. 30, with trading in New York and Italy slated to begin Nov. 2.
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