Between 35 and 40% of Italo-NTV’s share capital will be offered exclusively to institutional investors in Italy and outside of the United States. The offer is expected to be completed in February subject to market conditions - national elections on March 4 might delay the flotation.


Italo-NTV, which launched in 2012, made its first profit in 2015 and has continuously improved its financial performance. In 2017, the company saw revenue grow by 24.8% to €454.9m. Editda improved by 64% to €155.7m with a net profit of €33.8m. Italo-NTV declared a dividend of €30m payable in July.

In its application, Italo-NTV says it has a 35% share in terms of passenger-km of the Italian high-speed rail market on the routes it operates. It plans to launch a new service in May between Turin, Milan, Verona and Venice.

In an interview with Reuters, Italo-NTV’s chairman Mr Luca Cordero di Montezemolo says the company is looking for a partner and core investors in order to launch a new service outside Italy. He says Italo-NTV would be a minority shareholder to provide its expertise.