June 8 (Reuters) - The part of the initial public offering of Telecom Italia’s tower unit INWIT that was reserved to institutional investors was covered at least once on the second day of the placement, sources told Reuters on Monday.
Around 90 percent of the offering was reserved to institutional investors. The institutional placement kicked off on Friday, while the offering of the remaining 10 percent aimed at retail investors began on Monday.
Telecom Italia seeks to sell 36 percent of the unit in the IPO, which is set to conclude on June 17. The stake is valued at up to 850.2 million euros ($954.69 million). ($1 = 0.8906 euros) (Reporting by Elisa Anzolin, writing by Agnieszka Flak)