Italian coffee company Massimo Zanetti Beverage Group, owner of more than 20 coffee brands including Segafredo Zanetti and Chock Full o’Nuts, will list 35.6 percent of its shares on the market to raise nearly 200 million euros for market expansion. Reuters reports that Massimo Zanetti will become the first Italian coffee company to enter the stock market in that country.
Last week the company priced its shares between 11.60 euros and 15.75 euros to value the company at up to 540 million euros. It also disclosed it was looking into markets where it could invest the flotation proceeds. Reuters reports that company chairman and owner Massimo Zanetti said, "We are looking at potential acquisitions to expand in two countries where we feel we are not growing fast enough."
The company generates 90 percent of its sales abroad, Reuters reports.
The company had originally announced in April 2014 that it would carry out an initial public offering in November 2014. In October of last year the company announced it would be postponing the initial public share offering until spring 2015.
