MILAN (Reuters) – Italy\u2019s SECO said on Monday Telecom Italia unit Olivetti bought 7.5 million shares in its initial public offering (IPO), equal to 7% of the high-tech company\u2019s final capital, which could lead to an industrial partnership.<\/p>\n
Tuscany-based SECO, which develops embedded microcomputers and \u2018internet of things\u2019 solutions, is selling up to 37.8 million shares, in an offer which will run until April 30.<\/p>\n
SECO is expected to start trading on the Milan Stock Exchange on May 5, the IPO bookrunners said in a term sheet to investors.<\/p>\n
SECO had set the price range for its IPO in Milan at between 3.30-4.15 euros per share, aiming for a market capitalisation of up to 445 million euros ($538.36 million).<\/p>\n
\u201cSECO has decided to allocate the order in order to start a dialogue with Olivetti, with the aim of building an industrial partnership,\u201d SECO said in a statement.<\/p>\n
The collaboration will be focused on the development of hardware and software technologies and proprietary internet of things solutions, the company added.<\/p>\n
Once well-known typewriter and computer company, Olivetti is now 100% controlled by telecoms group Telecom Italia and focuses on big data, internet of things solutions and retail payment instruments.<\/p>\n
($1 = 0.8266 euros)<\/p>\n