Technogym surges on bourse debut

(ANSA) - Milan, May 3 - 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".