Bankers marketing the initial public offering for Dianos, the Italian financial market software maker, could face a tough time selling the deal in an underperforming and increasingly crowded market.

Banca Aletti, part of Banca Popolare di Verona, is lead manager on Dianos, which plans to sell almost 1 million shares. Dianos has not said what share capital that represents or how much it was looking to raise from the sale. Euromobiliare is co-lead on the offering.