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MILAN, Italy — Moncler SpA opened 41 percent higher than its initial public offering price in the first day of trading for the Italian luxury skiwear maker after investors sought about 27 times the amount of stock offered.
The shares opened at 14.40 euros in Milan and traded at 14.56 euros at 9:14 a.m., giving the company a market value of 3.6 billion euros ($5 billion). The shares were offered to investors at 10.20 euros apiece.
Moncler’s private-equity owners have raised about 784 million euros after selling shares at the top of a targeted range and exercising an over-allotment option. The institutional offer was more than 31 times oversubscribed, while retail investors sought about 14 times the amount of stock offered amid renewed appetite in Europe.
By Celeste Perri; Editors: Thomas Mulier, Paul Jarvis
