Italy-based dairy, bakery and pasta supplier Newlat, has set the range for its planned share offering.

The range for its IPO, which values the company at up to EUR197m (US$216.4m), is EUR5.80-7.30 per share.

The offer, reserved to institutional investors, will consist of 17 million new shares.

Newlat will trade post-IPO on the Milan-based Borsa Italiana’s electronic shares market, the Mercato Telematico Azionario.

Newlat, which owns a range of food businesses that include dairy brand Polenghi Lombardo and pasta label Delverde, said the IPO’s proceeds would be used for mergers and acquisitions. The company has already identified some potential targets in Europe, in the pasta and bakery products sector and in the dairy industry.

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The company, also one of the main baby-food manufacturers in Europe, wants to use the proceeds to increase efficiency and to make acquisitions, with an increasing its presence internationally.

Earlier this year, Newlat, fully-owned by the Mastrolia family, snapped up Italian pasta brand Delverde from Argentinian food company Molinos Rio de la Plata.

Following the IPO, Angelo Mastrolia, Newlat’s founder, president and CEO, will remain the company’s majority shareholder.

The business generated sales of EUR305m in 2018. The company has ten factories and one in Italy. As well as Delverde, Newlat’s brands include Giglio cheese and Birkel pasta.