Italy's giant yard group seeks IPO

Italy's major state-owned shipyard Fincantieri, the fourth largest yard in the world, aims for an IPO on the Milan Stock Exchange as soon as possible, a development that marks the first step in a wave of privatizations in the country.

BY LOUISE VOGDRUP-SCHMIDT

Published: 06.05.14 at 13:11

State-owned Italian shipyard Fincantieri will be the first state-owned company to become listed in Italy. The country is working to reduce its state debt, and securing an IPO for the shipyard contributes to this purpose, according to the Financial Times.

And the move will lead to a large-scale IPO, as 49 percent of the shares will be sold, for an expected profit of EUR 1.5 billion.