Italy’s Newlat aims to raise up to 200 million euros (£176.24 million) through a listing on the Milan bourse by the end of October, the agri-food company said on Thursday.
The group will use money from the IPO both for acquisitions and to improve its existing plants, with a focus on the health and wellness business, it said in a statement.
The company, based in Italy’s northern town of Reggio Emilia, has made a string of acquisitions in recent years, buying plants and brands from large multinational groups.
It already owns a portfolio of more than 20 brands including dairy label Polenghi, pasta business Birkel and gluten-free products Gudo.
The privately-held group said on Thursday it would offer newly issued shares to institutional investors.
In May, Newlat owner Angelo Mastrolia told Reuters he was ready to loosen his grip on the company to beef up financial resources for growth.
Mastrolia, who owns the agri-food company through a holding company based in Lugano, will, however, remain the majority shareholder in the group.
Equita, HSBC and Societe Generale will act as joint global coordinators and joint bookrunners. Equita will also act as sponsor for the IPO.
In 2018 Newlat posted revenue of 305 million euros, with sales in the first half of this year equal to 154 million euros.