Shares of Piaggio & C. SpA surged above the predetermined IPO price in their debut today on the Milan Stock Exchange.
The shares opened at 2.50 euros ($3.19), 8.9 percent above the IPO price of 2.30 euros ($2.90), before settling at 2.43 euros ($3.09), up 5.87 percent on volume of 7.1 million shares. The initial IPO price gave Piaggio a worth of Euro 887 million ($1.12 billion). The opening gave the company a value of Euro 967 million ($1.24 billion).
Piaggio's free float was 30.93 percent.
Piaggio & C. is majority owned by IMMSI SpA, a company controlled by Piaggio CEO Roberto Colaninno. IMMSI increased its stake to 49 percent before the offering and intended to raise its share to between 56 percent and 58 to allow Piaggio's former owners and creditors to pull out.
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