Italy's Dolomiti Energia picks Intesa, Goldman Sachs to lead potential IPO, sources say

Published: 2026-04-30 09:28:24 ET GS

Published on 04/30/2026 at 09:28 am EDT

MILAN, April 30 (Reuters) - Italian regional utility Dolomiti Energia has lined up banks for an initial public offering (IPO) later this year that could value the group at more than 3 billion euros ($3.50 billion), two sources familiar with the matter told Reuters.

Chief Executive Officer Stefano Granella had said last October that the group aimed to list on the Milan stock exchange, in what would be a boost for the blue-chip index after a series of companies abandoned it in recent years.

Intesa Sanpaolo and Goldman Sachs have been hired as global coordinators, the sources said.

The sources said that the group targeted a listing in October, adding the IPO remained subject to market conditions and could value the company at between 3 billion and 4 billion euros.

The integrated energy group is the fourth-biggest producer of hydroelectric power in Italy with 39 sites under management and derives 98% of its electric production from renewable sources. It also distributes power and collects waste.

Dolomiti Energia did not respond to a Reuters request for comment. Intesa Sanpaolo and Goldman Sachs declined to comment.

The utility, majority-owned by local administrations in Italy's northeast, posted core earnings of 491 million euros in 2025 and had a net financial position of 601 million euros at the end of December.

In a strategic plan released last year, the group said it wanted to increase its earnings before interest, taxes, depreciation and amortisation to 600 million euros by 2030.

At the end of March the group said it had asked management to carry out preliminary, non-binding analyses regarding the possible listing of the parent company's ordinary shares.

($1 = 0.8566 euros)

(Reporting by Francesca Landini and Elvira Pollina; Editing by Kirsten Donovan)

By Francesca Landini and Elvira Pollina