Citigroup confirmed today that it is preparing Piaggio for an initial public offering. The Italian motor-scooter maker has applied to securities market regulator Consob for clearance to launch.

Italian daily newspaper Il Sole 24 Ore reports that Banca Caboto, Citigroup, Deutsche Bank, Lehman Brothers and Mediobanca are arranging a Milan listing for June which could value Piaggio at up to €1.2bn ($1.45bn).