The utility Meta Modena has completed Italy's first initial public offering of the year and raised €62.3m ($66.6m) with a deal priced at the bottom of its indicative range.

IntesaBci is global co-ordinator and sponsor, BNP Paribas is adviser and joint bookrunner and Intermonte is co-sponsor. The offering was priced at the bottom of its range of €1.95 to €2.15 per share, and reduced in volume by more than a quarter.