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Poste Italiane Initial Stock Sale Raises About $3.5 Billion

  • Postal company's stock sale is Italy's biggest IPO since 1999
  • Italy government led by Matteo Renzi plans more privatizations
Mail is sorted inside a Poste Italiane sorting office in Fiumicino, near Rome.

Mail is sorted inside a Poste Italiane sorting office in Fiumicino, near Rome.

Photographer: Alessia Pierdomenico/Bloomberg
Updated on

Italy raised about 3.1 billion euros ($3.5 billion) in the initial public offering of postal company Poste Italiane SpA, the country’s biggest IPO since 1999, as it seeks funds to cut debt.

The Italian Treasury fixed the final price at 6.75 euros per share, Finance Minister Pier Carlo Padoan told reporters in Rome on Friday, after offering the stock for 6 euros to 7.5 euros. Demand was more than three times the shares that were on sale and the stock will probably start trading in Milan on Oct. 27.