Telecom Italia’s Olivetti buys 7% shares of SECO in its debut IPO
Telecom Italia’s Olivetti bought 7.5 million shares in Italy’s SECO initial public offering (IPO), confirms on Monday. The shares equal 7% of the high-tech company’s final capital, which can also lead to an industrial partnership.
SECO, which develops embedded microcomputers and the ‘internet of things’ has offered to sell 37.8 million shares, in an offer which lasts up till the 30th of April.
It is expected that SECO will start trading on Milan Stock Exchange on May 5, the IPO book-runners said in a term sheet to investors.
A statement by SECO stated, “SECO has decided to allocate order in order to start a dialogue with Olivetti, with the aim of building an industrial partnership.”
As per the company, the merger will be to focus on the development of hardware and software technologies and proprietary internet of things solution.
SECO has set its price range for trading between 3.30 to 4.15 euros per share, with an aim for a market capitalization of up to 455 million euros (more than $535 million).
