Moncler stock soars 44% to 14.77 euro on IPO

Ferragamo, Zegna, Loro Piana and Bernard Arnault among investors

(ANSA) - Milan, December 16 - High fashion winter jacket maker Moncler saw its stock price soar 44% to 14.77 euros at its Monday debut on the Milan bourse. Book orders last Wednesday were oversubscribed by nearly a factor of 30 just days before the initial public offering (IPO), with 20 billion euros worth of demonstrated investor interest for shares. The stock debuted at its fixed maximum price of 10.2 euros. The price gave the company a market capitalisation of 2.5 billion euros, but has now reached more than 3.5 billion. Luxury fashion investors that bought stock Moncler include Salvatore Ferragamo, Ermenegildo Zegna, Loro Piana, LVMH owner Bernard Arnault and Diesel founder Renzo Rosso. But 90% of the float was reserved for institutional investors. The sovereign wealth funds of Qatar, Singapore, China and Abu Dhabi were among them. Italian entrepreneur Remo Ruffino in 2003 bought the French quilted jacket maker founded in 1952, and is its president and creative director.