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Italy's SECO targets market cap of up to 445 million euros in Milan IPO

·1-min read

MILAN (Reuters) - Italian high-tech company SECO said on Tuesday it had set the price range for its initial public offering in Milan at between 3.30-4.15 euros per share, aiming for a market capitalization of up to 445 million euros ($537 million).

Tuscany-based SECO, which develops embedded microcomputers and 'internet of things' solutions, plans to sell up to 37.8 million shares, of which up to 27 million will be newly issued.

The size of the offer could be increased by up to 15% through an overallotment option.

The company said earlier this month it was aiming to float up to 45% of its share capital to get fresh resources to grow abroad through acquisitions.

SECO is set to be the second listing on the Milan bourse's main market this year following the debut in March of biotech firm Philogen.

Goldman Sachs and Mediobanca are acting as joint global coordinators for the IPO.

($1 = 0.8286 euros)

(Reporting by Elisa Anzolin, editing by Agnieszka Flak)