Italy’s Enav to Test Investor Appetite in Key Post-Brexit IPO

Italian state-owned air traffic controller Enav SpA will be the first big European company to determine investor appetite for listings in a volatile equity market following Britain’s vote to leave the region.

Shares of Enav will be offered at between 2.90 euros and 3.50 euros, giving it a market capitalization of as much as 1.9 billion euros ($2.1 billion), the Italian Ministry of Economy and Finance said. The initial public offering is scheduled for July 11 to 21.

The benchmark STOXX Europe 600 Index has fallen 5.5 percent since the U.K. referendum. Companies including Telefonica SA that were planning to announce initial public offerings have postponed them amid volatile markets, people familiar with the matter have said.

Barclays Plc, Credit Suisse Group AG and Mediobanca SpA are the banks leading Enav’s share sale. Italy plans to sell up to 46.6 percent of the company.

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