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Italian food group Newlat has cut the amount of shares scheduled for this week’s debut public offering and extended the closing date.

In a filing with the Borsa Italiana stock exchange in Milan, Newlat said the IPO will now consist of 12.7 million shares instead of the previously announced 17 million, with the offer price remaining at EUR5.80 to EUR7.30 each

Last month, the dairy, bakery and pasta business owned by the Mastrolia family said it expected to raise EUR200m (US$222.2m) from the IPO and use the funds to support its organic growth, improve efficiencies, make acquisitions and expand its geographical footprint.

The IPO is only open to institutional investors and has a so-called greenshoe option to increase the offer by an additional 1.85 million shares. The closing date has now been put back by two days to tomorrow (24 October) to allow newly interested investors more time to prepare.

Newlat’s shares are due to start trading on the STAR segment of Borsa Italiana’s Mercato Telematico Azionario platform on 29 October.

Angelo Mastrolia, the company’s founder, president and chief executive, will still remain the majority shareholder after the IPO.

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By GlobalData