Hera, the Italian utility, is set to raise up to €430m ($502m) from its initial public offering, the first IPO on the Borsa Italiana's blue chip segment for a year.

The IPO of Hera's predecessor, Seabo, has been in the pipeline for the past year. Seabo has since merged with 10 other regional utilities to create Hera. ABN Amro Rothschild and Unicredit Banca Mobiliare (UBM) are joint bookrunners and global co-ordinators of the deal, with UBM and Banca IMI sponsoring the retail portion.