Italian Design Brands shares rise on first day of trading

FAN Editor

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)


Free America Network Articles

Leave a Reply

Next Post

PacWest, Western Alliance lead rebound in US regional lenders

(Reuters) – Battered shares of PacWest Bancorp and Western Alliance Bancorp edged higher premarket on Thursday as the U.S. midsize lenders looked to sustain a recent rebound powered by bets that the worst of the regional banking turmoil was over. PacWest Bancorp, which is currently exploring strategic options, climbed 7.2% […]