Safilo shares priced at bottom end of range

Shares in Italian eyewear company Safilo have been valued at €4.90, at the lower end of its indicative price range of €4.80-7.00.

The 140 million shares, which will begin trading on Friday on the Milan bourse, will account for 49.4 per cent of the company’s capital, raising €659m net of commissions and other expenses.

This figure could be increased to €739m if Safilo decides to exercise a greenshoe option, allowing it to sell additional shares.

The initial public offering, Italy’s largest this year, will approximately halve Safilo’s debt and will see the proportion held by the Tabbachi family diluted to around 36 per cent.