Moncler market debut sees shares rising more than 40 percent
Luxury outwear company Moncler shares rose more than 40 percent on their first day of trading, after going public on the Milan Stock exchange. The company's stock price went as high as 14.80 during early trading, after being priced at 10.20 euros per share during an IPO. Previous reports indicate that shares were 31 time oversubscribed.
Moncler shares were trading at 14.32 euros per share by 09:15 am GMT, after trading as high as 14.40 euros, according to Reuters. The company floated 31 percent of its share capital, which included a “greenshoe” over-allotment option. The IPO initially valued the company at 2.55 billion euros as previously reported.
Remo Ruffini, company chairman and creative director will not be be selling any of his 32 percent stake in the offering. He reportedly said that he will not be selling shares in the company after the listing with a one-year lock-up period.