July 24, 2008 / 10:59 AM / 11 years ago

Terni Energia sets IPO price at bottom of range

MILAN, July 24 (Reuters) - Italian solar power company Terni Energia has set the price of its initial public offering (IPO) at 1.3 euros a share, at the bottom of its proposed range, the company said on Thursday.

The price values Terni Energia at 31.226 million euros ($48.97 million), it said in a statement. The range for the IPO had been set between 1.30 and 1.70 euros.

Terni Energia debuts on the Milan bourse on Friday.

Terni Energia said it had placed 4 million of its shares — or 17.9 percent of its capital — against a demand for more than 6 million from 16 Italian and two foreign investors.

The company had originally planned to sell 6 million of its shares but decided to lower the amount because of market conditions and to support the stock price after the listing.

Terni Energia also lowered to 300,000 the number of shares reserved for a greenshoe overallotment option. (Reporting by Giancarlo Navach; editing by Sue Thomas)

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