February 23, 2018 / 2:51 PM / 10 months ago

Italy's Carel plans Milan IPO by mid-2018 - CO-CEO

MILAN, Feb 23 (Reuters) - Carel, an Italian company manufacturing air conditioning and refrigeration control systems, plans to list its shares on the Milan bourse by the end of June, its co-chief executive told Reuters on Friday.

Co-CEO Francesco Nalini said that the family-owned company had picked the banks to lead the initial public offering (IPO) but was still discussing details of the offer.

“We aim to list in the first half of this year” Nalini said in a phone interview with Reuters.

Carel, based in the north-eastern city of Padua, had 2016 revenues of 231 million euros, of which around 80 percent from outside of Italy. Core profit stood at 43 million euros.

Reporting by Elisa Anzolin, writing by Giulio Piovaccari, editing by Valentina Za

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