MILAN (Reuters) – Shares in Italy’s Italian Design Brands (IDB), a hub of Italian furniture and lighting companies, jumped more than 3% on their Milan bourse debut on Thursday.
At around 1000 GMT IDB’s shares were up 3.3% from the fixed price set in its initial public offering.
The group, which offered newly issued shares worth 70 million euros ($77 million), is aiming to use part of the IPO proceedings for new acquisitions.
“We hope to bring in another company by year-end,” IDB’s Chief Executive Andrea Sasso told journalists. He added that the order book for the share offer had been more than twice covered.
Citigroup and Equita acted as joint global coordinators and joint bookrunners for the IPO.
($1 = 0.9084 euros)
(Reporting by Elisa Anzolin)