December 11, 2013 - 11:06 AM
MILAN - The Italian luxury down jacket maker Moncler says investors sought more than 31 times the stock offered in its initial public offering.
Moncler said in a statement Wednesday that the company's market capitalization based on the final price of 10.20 euros ($14.06) is euros 2.5 billion euros ($3.44 billion).
The share sale indicated renewed investor appetite in Europe, with institutional investors, allotted 90 per cent of the shares on offer, making orders for more than 20 billion euros.
Moncler shares are set to begin trading on Monday.
It floated about 27 per cent of its shares for a partial buyout of strategic funds.
Chairman and creative director Remo Ruffini retains his 31.9 per cent stake.
News from © The Associated Press, 2013