Enel Green Power, the renewables arm of Italian energy giant Enel, has cut the bottom end of the range on its proposed initial public offering, in a bid to secure a diverse range of support after institutional investors baulked at the initial valuation.

The renewables company has cut the bottom end of the price range to €1.60, from a previous pricing floor of €1.80, according to a source familiar with the situation. The price cut was first reported by Dow Jones Newswires.