Italian waste management firm TerniGreen, controlled by the shareholders of TerniEnergia, aims to list on the Milan stock exchange next month, brushing off volatile market conditions that have put paid to IPO plans across Europe. "We are confident we can succeed with the listing within the first 10 days of November," TerniEnergia Chairman and Chief Executive Stefano Neri told reporters on the sidelines of a renewable energy workshop.
The company, which is betting on a liberalisation of the Italian waste market in 2012, wants to start with Milan's small-cap segment AIM, but believes it can trade on a "bigger" market in the next 18 months, Neri, who also heads TerniGreen, said. The eurozone debt crisis, which has wiped billions off European bourses this summer, has brought the Italian IPO market to a standstill, with aeronautics group Avio the latest company to suspend its planned Milan listing earlier on Friday. No Italian company has managed an initial public offering in Milan since Florence-based fashion house Ferragamo listed in June, just before Italy became embroiled in the eurozone debt crisis.
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