Telecom Italia raises EUR 780 mln from Inwit IPO

News General Italy 18 JUN 2015 Updated: 18 JUN 2015
Telecom Italia raises EUR 780 mln from Inwit IPO

Telecom Italia has announced that the IPO of a 40 percent stake in its tower unit INWIT has successfully closed and will debut on the Milan stock exchange on 22 June. The company priced the shares at EUR 3.65, bringing the total proceeds to EUR 875.3 million if the greenshoe option is fully exercised. After commissions and fees, the net proceeds to the company will be EUR 779.8 million, or EUR 857.8 million if the greenshoe is exercised. 

According to a report in Il Sole24 Ore, the offer was seven times oversubscribed. Around 90 percent of the shares were sold to institutional investors and the remaining 10 percent to retail.

Telecom Italia previously revealed that it will use the revenues raised from the IPO to fund its mobile and fibre-optic broadband network expansion plans. The tower unit currently owns, operates and leases a total of 11,500 mobile phone towers for Telecom Italia and other mobile telecoms operators.
Updates
18 JUN 2015 - Updates with confirmation from company.

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General

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Telecom Italia

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Italy

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Production planning & operations, Network equipment, Financial funding

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