Telecom Italia’s Olivetti buys 7.5 mln shares in SECO IPO

ROME: Italy’s SECO said on Monday Telecom Italia unit Olivetti bought 7.5 million shares in its initial public offering (IPO), equal to 7% of the high-tech company’s final capital, which could lead to an industrial partnership.

Tuscany-based SECO, which develops embedded microcomputers and ‘internet of things’ solutions, is selling up to 37.8 million shares, in an offer which will run until April 30.