By Giulia Petroni

Industrie De Nora SpA said Monday that it seeks a valuation of up to 3.28 billion euros ($3.44 billion) for its planned initial public offering on the Euronext Milan.

The Italian electrode maker said it has set the indicative price for the offering at between EUR13.50 and EUR16.50 per ordinary share, implying a market capitalization of around EUR2.72 billion and EUR3.28 billion after the capital increase.

The offering is set to be for a maximum of 35.08 million shares, which corresponds to around 17.4% of the company's share capital.

The offer period should start on June 22 and finish by the end of the month. The start of trading will be determined by Borsa Italiana and will be subject to approvals, according to De Nora.

The company is controlled by the De Nora family, which holds a 64% stake in the company, while the remaining shares are owned by Milan-based Snam SpA.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

June 20, 2022 12:28 ET (16:28 GMT)

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