Piaggio releases IPO prospectus

Vespa manufacturer Piaggio & C. SpA released a prospectus today outlining their initial public offering. Since we can’t read Italian OR “legalese,” we’ll accept Bloomberg’s synopsis that they plan to sell up to 158 million shares, at €2.3 to €3 each, to raise as much as €474 million (US$599 million). Piaggio Chairman Roberto Colannino’s IMMSI SpA holding company, who now holds 40% of the company, plans to increase their share to 49%. The IPO values Piaggio at about €1.16 billion.