Shares in Technogym surged on its
bourse debut in Milan Tuesday with the stock price closing up
11.38% in the IPO of a quarter of its share value.
Technogym bucked the trend on a bad day for the bourse which
closed 2.42% down.
Technogym shares closed at 3.62 euros, compared to the IPO's
start price of 3.25 euros.
Technogym is a manufacturer of fitness equipment based in
Cesena which has become a world leader in the sector.
Technogym launched its IPO with a VIP stretching session
featuring various sportspeople, showman Fiorello, the heads of
Mediobanca and the owner of Tod's, among others.
Technogym founder Nerio Alessandri said "we are satisfied
at having received a demand four times the offer, at a time when
everyone was saying it's not on".
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