ENAV IPO off to roaring start

(ANSA) - Milan, July 26 - 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.