Skiwear brand Moncler has made the most successful stock market debut in Europe of 2013 after shares surged almost 50% on the first day of trading.
The Italian company, which makes €1,000 (£844) ski jackets, priced its shares at the top end of the offer range at €10.20 (£8.61) each. Moncler said it had received 31 times the demand it needed for the offering at that price. By the end of the day the shares on the Milan stock exchange closed at €14.97, (£12.64) a gain of 47%, with the company worth €3.7bn (£3.12bn).
Among the investors who got their hands on shares were sovereign wealth funds from China, Singapore, Qatar and Abu Dhabi, as well as leading fashion figures including LVMH boss Bernard Arnault and Diesel founder Renzo Rosso, according to The Financial Times.
Moncler’s total revenues rose 35% year on year to €498m (£420.7m) in 2013.