Moncler's shares soar 40 percent in Milan market debut
By Isla Binnie
MILAN (Reuters) - Moncler MONC.MI shares jumped more than 40 percent on their first day of trading in Milan as investors scrambled to put their money into the maker of luxury down jackets, attracted by its strong revenue growth prospects.
Moncler, which started life as a ski jacket maker in the French Alps in 1952, wooed investors with the worldwide reach of its brand and consumer appetite for chic outdoor gear.
"There was incredible demand," said Bernstein luxury goods analyst Mario Ortelli. "In the short term, I expect the company will have stronger growth than the market."
Moncler shares were changing hands at around 14.5 euros by 1126 GMT on Monday, compared to a listing price of 10.2 euros. Milan's bourse was broadly flat on the day.
The listing of around 31 percent valued Moncler at 2.55 billion euros ($3.5 billion), but the share spike indicates it is now worth around 3.6 billion euros.
Moncler's main shareholders raised 681 million euros through the share sale, Italy's biggest initial public offering (IPO) since 2010 and the biggest by an Italian company since Prada's Hong Kong listing in 2011.
A source familiar with the matter said new investors in Moncler had included Italian luxury leather group Salvatore Ferragamo SFER.MI and LVMH LVMH.PA head Bernard Arnault.
Sovereign wealth funds from Qatar, Singapore, Abu Dhabi and China also bought shares, the source said. Continued...