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I.NET Announces New Market Stock Offer

Italian business ISP I.NET has announced that it will offer more than 800,000 ordinary shares in a global "new market" listing for institutional investors.

According to information provided by I.NET's director of public information, Myriam Finocchiaro, the ordinary shares will be offered to during a four-day period, from March 24 to 28.

A minimum of 20 shares can be bought at a price ranging from 138 to 176 Euro. The offering price will be announced within two days after the end of the subscription period of the IPO, said Finocchiaro.

In the Italian business sector, I.NET was the first provider in the country to offer Managed Internet Connectivity services, which includes business-oriented assisted connectivity solutions.

I.NET, since its establishment in 1994, has been a major contributor to the evolution of Internet in Italy, projecting them into the international marketplace. It's pre-eminent position was confirmed by the fact that it was recently selected as host of the Peering Nazionale MIX (Milan Internet Exchange). This, and other business factors, contributed to the company's consolidated turnover of 39.6 billion lira in 1999.

In September 1999, I.NET signed a joint venture with British Telecom and became part of the BT Group. Now, in a separate announcement, the company said that it has signed a contract with the European telecommunications company, Albacom, to distribute its products and services through the I.NET sales network.

Of the I.NET shares to be offered, a maximum of 674,300 will be earmarked for private placement with Italian and foreign institutional investors, while a minimum of 160,000 shares will be offered to private Italian investors in the form of an IPO.

West LP Panmure and Banca Leonardo will act as joint sponsors and global co-ordinators of the financial operation.