Milan, July 14 - Italy's Enervit, which makes food for sportsmen, plans to raise up to 3.23 million euros ($5.07 million) in an initial public offering, and its chairman said on Monday the company would use the proceeds to expand in Germany.
Enervit, which sells energy bars and nutritional supplements, is floating up to 11.12 percent of its capital, offering shares between 1.8 and 2.1 euros.
"In Germany we are looking for a brand in our own sector, to be able to sell our products," Enervit Chairman Alberto Sorbini said during the IPO presentation. He added the company would fund expansion abroad with proceeds from its share sale.
The offer opened on Monday and is expected to run until Friday. It values the company between 28.8 million and 33.6 million euros.