MILAN (Reuters) – Italian Post Office stores in moderate drop in the first day at Milan Stock Exchange, following an IPO that saw good demand from investors, allowing the Treasury to raise about 3.4 billion (including the greenshoe). The title He had opened up by 2% but then reset the gains and closed down 0.74% to 6.7 euro, compared to a placement price of EUR 6.75, the middle fork of the initial indicative. Strong volumes, with over 100 million units traded. The FTSE MIB lost 1.15%. According to two Italian traders, the shares were priced too high. different opinion a foreign manager who believes the price ‘fair’ and continues to see an upside possbile. “We see some upside to this level, so we are continuing to build our position around the IPO price,” explains Arnaud Morvillez, fund manager of the French SPGP, stressing that in the future a push for the title could also arrive from the restructuring of the business Zip. The manager went on to highlight the positive view on abroad “We see an improvement in each quarter.” “I hope that our quote represents the beginning of a season of growth and development for the country, “said the CEO Francesco Caio times the opening ceremony this morning at the Milan Stock. The selection of Poste recorded a demand of approximately 3.38 times the offer. In a statement released last night, it is assumed the full exercise of the greenshoe option and explains that “have been allocated 498.3 million shares to 179,226 applicants.” Among the “shares granted” will therefore include both the 453 million IPO that 45.3 million over-allotment option. As regards the retail part have arrived requests from applicants 303 536 for a total of about 387 million shares. 26,234 of these applicants are employees of the Italian Post, who applied for a total of 7.5 million shares. As part of the institutional instead there were 359 applicants (80 Italian and 279 foreign) for a total of 1.143 billion shares requested. More …
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