ITALIAN payments firm SIA is moving ahead with preparations for a share listing on the Milan bourse and is expected to pick JP Morgan and Unicredit in what would be one of southern Europe's largest floats this year, sources told Reuters.

SIA, which is being advised by Rothschild, has sent out requests for proposals to banks for potential roles in organising the deal and is looking to fill them in the coming weeks, the sources said.

It plans to issue shares worth €1bn (£834m) to €1.5bn in a deal that could value the business at more than €4bn excluding debt, another source said.

JP Morgan and Unicredit are expected to be frontrunners for the global coordinators spots. All parties declined to comment.

SIA's listing comes after European initial public offerings (IPO) dropped to a seven-year low last year.

Yet European stock markets are near record highs boosting investors confidence and offering a window of opportunity for IPO candidates after a flurry of secondary share sales were well received this year.

Milan-based SIA is controlled by state lender Cassa Depositi e Prestiti through investment vehicle FSIA Investimenti.

Reuters

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