The impending initial public offerings of AGSM Verona and Meta Modena, both Italian oil and gas companies, add another two to the country's long list of utilities operators looking to raise money in the equity markets.

The two companies, both of which are being advised by BNP Paribas on flotations scheduled for next year, will follow a string of Italian utilities to have listed since 1996. Two others, Rete Gas Italia (Regit), the natural gas distribution business of ENI, the oil conglomerate, and Seabo, the Bologna municipal multi-utility, are scheduled to list this year.