The Italian bourse said Friday
troubled regional lender Veneto Banca will not be listed after
poor demand for a one-billion-euro initial share offering
earlier in the week.
Institutional investors subscribed to just 0.01% of shares
while pre-existing shareholders of a 1.23% stake subscribed to
2.2%, bringing them to a total of 3.43%.
Under Italian rules investors must subscribe to at least
25% of an offer for a company to get listed.
Subscribers have an option to back out after the stock
market authority nixed the listing.
Italy's new private sector fund for ailing banks, Atlante,
holds 96.56%-98.76% of Veneto Banca, the market authority said.
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