October 14, 2019 / 6:22 PM / a month ago

Italy's Ferretti cuts IPO price range to 1.8-2.2 pounds per share - source

FILE PHOTO: Employees work on a yacht at the Ferretti's shipyard in Sarnico, northern Italy, April 7, 2015. REUTERS/Stefano Rellandini

MILAN (Reuters) - Italian luxury yacht maker Ferretti cut an indicative price range for its initial public offering (IPO) to 2-2.5 euros (1.8-2.2 pounds) per share, a source said on Monday, from an initial level of 2.5-3.7 euros that valued the company at up to 1.076 billion euros.

The IPO period is set to close on Tuesday, after last week Ferretti extended the offer period beyond an initially scheduled Oct. 10 deadline due to weak demand.

The book has been covered at the updated price range, the source said, without giving further details.

Reporting by Elisa Anzolin, writing by Giulio Piovaccari, editing by James Mackenzie

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