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Italy's post office to test IPO appetite next week - sources

Reuters - UK Focus

MILAN, Sept 8 (Reuters) - Top executives of Italy's post office will meet selected institutional investors in New York and London next week ahead of an initial public offering (IPO) planned for late October, two sources said on Tuesday.

The listing of a minority stake of Poste Italiane , owned by the Italian treasury, is part of Prime Minister Matteo Renzi's efforts to revive privatisations aimed at cutting Italy's 2.2 trillion euro public debt.

The treasury wants raise as much as 4 billion euros ($4.5 billion) from the sale of up to 40 percent of Poste, in what is likely to be the biggest share sale on the Milan bourse this year.

"Poste's Chief Executive (Francesco Caio) and CFO (Luigi) Ferraris will be in New York on Monday and in London on Tuesday to meet investors," one source with knowledge of the two executives' agenda said.

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Some representatives of the 10 banks coordinating the share sale will also take part in the meetings, a second source said.

"With these meetings, Poste will enter into an early marketing phase where banks start to collect commitments from large institutional investors," the second source said, adding that the volatility caused by turmoil on the Chinese stock market had not changed the company's plan to go public.

Poste's CEO said on Saturday the IPO would take place as planned in October despite recent market turbulence.

The Italian post office, founded in 1862, has grown into a conglomerate that last year derived 85 percent of its 28.5 billion euro revenue from insurance and financial services.

Its clients are mainly Italian savers.

Banca Imi, Bank of America (Swiss: BAC.SW - news) -Merrill Lynch, Citigroup (NYSE: C - news) , Mediobanca (Milan: MB.MI - news) and UniCredit (EUREX: DE000A163206.EX - news) are global coordinators for the share sale. Credit Suisse (Other OTC: CDSSF - news) , Goldman Sachs (NYSE: GS-PB - news) , JP Morgan, Morgan Stanley (Xetra: 885836 - news) and UBS (NYSEArca: FBGX - news) will act as book-runners.

Lazard and law firm Gianni Origoni Grippo Cappelli & Partners (Other OTC: PGPHF - news) are advising the treasury on the share sale, while Rothschild and law firm Clifford Chance are the company's advisers. ($1 = 0.8946 euros) (Reporting by Francesca Landini; editing by David Clarke)