Italy’s Avio hires banks for Milan listing, say sources: Reuters

Italy’s space propulsion company Avio has hired Banca IMI and Citigroup as global coordinators for its initial public offering on the Milan stock market, two sources close to the matter said on Friday.

The group, controlled by private equity firm Cinven, plans to file a listing request before August in order to go public between September and October, one of the sources said.

Avio and Cinven declined to comment on the issue.

The company posted a 24 percent rise in revenue to 279 million euros ($314 million) last year, while adjusted core profit fell 10 percent to 36 million euros. Its net debt was 28 million euros at the end of last year.

Cinven owns 81 percent of Avio, while 14 percent is held by state-controlled defence group Leonardo-Finmeccanica.