Telecom Italia on Tuesday announced that the initial public offering of its towers business raised €875.3 million in total as a result of the full take-up of its overallotment option.
The Italian incumbent carried out the IPO of subsidiary Infrastrutture Wireless Italiane (INWIT) last month, selling shares at €3.65 each. It said it would generate proceeds of €779.8 million, after the payment of various commissions, but explained that the figure could rise if its underwriters took up their so-called greenshoe, or overallotment, option to acquire shares in the towers company.
In total, Telecom Italia sold around 40% of INWIT’s share capital, that is 239.8 million ordinary shares at €3.65 each, including the overallotment option.
INWIT’s shares started trading on the Borsa Italiana on 22 June. The price stood at €3.92 on Tuesday afternoon.
