Italian Design Brands shares rise on first day of trading

Dexelance SpA

18/05/2023 11:19

MILAN, May 18 (Reuters) - Shares in Italy's Italian
Design Brands (IDB)  IDB.MI , 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)
 ((elisa.anzolin@thomsonreuters.com; 0039 0266129692;))