Ital Tbs, a private Italian engineering company focusing on endoscopy equipment for the health care sector, will finalize an IPO on AIM Italy on 23 December, a source close to the situation said. The company will be renamed Tbs Group when it begins trading as a public entity, he noted.

Consob, the Italian Stock Exchange regulator, will approve the listing by Monday 21 December, the source said. He estimated the company's market cap at EUR 85-90m once it hits the public market. 

Since early December, Ital Tbs has raised capital in an effort to secure proceeds of at least EUR 5-10m. According to the source, the exact figure of the group's capital raise could go up to EUR 20m or even EUR 30m as calculations are currently ongoing. 

Roadshows have taken place over the past few weeks with the company meeting around 60 investors, the source said. The multi-city EU tour has involved Milan, London, Frankfurt and Paris and has now come to an end. 

Eidos Partners has been appointed as the company's financial advisor. Intermonte and MPS Capital Services are acting as joint global coordinators with MPS also being selected as Ital Tbs’ Nomad. 

Ital Tbs will be the largest player to be listed on AIM Italy, where it plans to trade for 18 months before tackling the Star market place. The source mentioned an overall 18-month stint on AIM Italy prior to a second floatation on Milan's Star segment. 

Ital Tbs expects a turnover of around EUR 170m in 2009. Last year, it reported sales of EUR 125m.