DEPObank - Banca Depositaria Italiana S.p.A. (Nexi S.p.A.) is preparing for an Initial Public Offering (IPO) of $9 billion in mid-April 2019. Nexi's advisers are working flat out to list Nexi in April 2019, hoping to complete Europe's biggest share sale of 2019 while market conditions allow, sources told Reuters. Bank of America Corporation (NYSE:BAC), The Goldman Sachs Group, Inc. (NYSE:GS), Credit Suisse Group AG (SWX:CSGN) and Mediobanca Banca di Credito Finanziario S.p.A. (BIT:MB) are among 13 banks preparing Nexi's initial public offering (IPO) ahead of potential political upheavals in Italy in the run-up to May's European Parliament elections, four sources familiar with the process said.

The advisers are targeting an overall valuation of 8 billion euros ($9 billion) for Nexi. Nexi's owners - Bain Capital, LP, Advent International Corporation and Clessidra SGR S.p.A. are determined to list it with a valuation of at least €7.5 billion, more than 15 times its core earnings. Nexi's banks are aiming to list no less than 25% of Nexi in Milan in mid-April 2019, the sources said, adding the Easter break is their cut-off date to get the IPO away.

While a final decision has yet to be made, the listing may rise to 35%, with a so-called greenshoe option allowing for extra shares to be issued, another source said. Nexi's executives will start holding “early-look” meetings with investors in London on March 4, 2019. Preliminary meetings with investors will take place in London on March 4, 2019 in a bid to inform the broadest possible range of potential investors about the planned offering.