January 22, 2015 / 8:57 PM / 3 years ago

IWB to bring Italian wine to Milan bourse

MILAN, Jan 22 (Reuters) - Italian Wine Brands (IWB) will debut on the Milan stock exchange on Monday, becoming the first wine group to be listed in the country, besides much larger food and beverage companies.

IWB, which combines Giordano Vini and Provinco Italia wineries, will float shares on the AIM, the Italian stock exchange market dedicated to smaller companies, the Milan bourse said in a statement on Thursday.

The two wine companies have combined revenues of around 140 million euros ($159 million) and produce 44 million bottles annually, of which 70 percent are sold abroad.

IWB will debut on the bourse through a financial vehicle dubbed IPO Challenger.

The company hopes to become an aggregator for other Italian wine producers that want to join forces to expand abroad, the top official at IPO Challenger Luca Giacometti told Reuters in December.

Reporting by Massimo Gaia and Francesca Landini

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