November 14, 2017 / 5:37 PM / a year ago

Italian rail firm NTV picks three banks for IPO - sources

Italo' high-speed train for the NTV (Nuovo Trasporto Viaggiatori) is seen at the Central railway station in Milan, Italy, April 14, 2016. REUTERS/Stefano Rellandini - D1AESYHTPNAA

MILAN (Reuters) - Italian high-speed rail firm NTV has chosen Banca IMI, Goldman Sachs and Credit Suisse to help it prepare an initial public offering slated for early next year although no official mandate has been given yet, three sources close to the matter said.

Banca IMI is part of Italy’s biggest retail bank Intesa Sanpaolo, which in turn is NTV’s biggest shareholder with a 19 percent stake. NTV held an initial meeting with the three banks on Monday, one of the sources added.

NTV, run by former Ferrari (RACE.MI) chairman Luca Cordero di Montezemolo and former Telecom Italia (TLIT.MI) chief Flavio Cattaneo, is expected to list in the first half of 2018, the sources said.

The company last week reported nine-month earnings before interest, taxes, depreciation and appreciation (EBITDA) of 114.8 million euros ($135 million), up 79 percent on the previous year. Sales were up 26 percent to 329 million euros.

Reporting by Agnieszka Flak and Elisa Anzolin; Editing by Isla Binnie

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