Italtel benefits from excellent results

Italtel reports a 21% revenue growth in 1Q06 to €101m and net loss of €13m (up 160%), few days before the beginning of its IPO in Milan Stock Exchange. Less than half of the company's stock is expected to be listed, valuing Italtel at about €1bn. Current main shareholders are Clayton Dubilier & Rice with about 49% stake, Telecom Italia with about 20% and Cisco with just above 18%.With the IPO, Italtel is hoping to speed up its international expansion, specially in NA. Italtel is a leading company in booming VOIP market.