Issuer: Telecom Italia
Amount: $11 billion
Type of offering: Secondary share placement
Lead manager: October 27 1997
Global coordinators: BZW and Mediobanca
“Working on an equity offering is like flying into Hong Kong,” said an equity capital markets managing director recently. “The pilot might fly well for 13 hours, but you’ll soon forget all that if the pilot strays close to the rooftops and gives you a bumpy landing.” The secondary offering for Telecom Italia – the largest secondary offering to date must rank as one of the bumpiest landings ever.
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