(Bloomberg) -- Vescovini Group is planning an initial public offering in Milan that could the maker of industrial fasteners at as much as $2 billion, according to people familiar with the matter.
The Italian company may list in the fourth quarter, the people said, asking not to be identified discussing confidential information. Bank of America Corp. and Citigroup Inc. are among the banks leading the offering, and more could get added to the roster, the people said.
Deliberations are ongoing and no final decisions on the size, timing or location of an IPO have been taken, according to the people. Representatives for Bank of America, Citigroup and Vescovini declined to comment.
Vescovini manufactures more than 1.3 billion industrial fasteners -- such as nuts, bolts and axles -- every year, according to its website. The company supplies its products to the automotive, construction and agricultural machinery sectors, among others, and generates annual revenue of 235 million euros ($248 million).
Europe’s IPO market has come to a near standstill since Russia’s invasion of Ukraine in late February. With hawkish central banks, soaring inflation and poor performance from the region’s 2021 crop of listings also weighing on investor sentiment, Europe is lagging recoveries under way in the U.S. and Asia.
Still, bankers are confident activity will recover in the second half of the year if global equity markets stabilize and a number of high-quality issuers are waiting in the wings.
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