Civilian air traffic manager ENAV
was off to a roaring start in its stock market debut Tuesday,
soaring by 10% at the opening over its IPO price of 3.3 euros a
share and closing +10.61% at 3.65 euros a share.
ENAV placed shares worth 759 million euros in what Borsa
Italiana SpA CEO Raffaele Jerusalmi called "one of the biggest
IPOs in Europe this year".
"It was a great success, with demand exceeding supply eight
times over," Jerusalmi said.
"This shows how even at times of increased turbulence,
financial markets are capable of responding to... companies that
can guarantee long-lasting performance, such as ENAV".
Over 8,000 international funds and 1,460 investment
companies from every continent are invested in Italian blue
chips, Jerusalmi added.
The ENAV IPO was underwritten by Banca IMI, Barclays,
Credit Suisse, JP Morgan, Mediobanca, and UniCredit, while
Rothschild acted as financial advisor to the seller, the Italian
economy ministry.
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