Dec 16 - Moncler's share price jumps 40% on its first day of trading on the Milan stock exchange, investors scrambling to get a slice of strong revenue growth prospects for the luxury outdoor clothes maker. David Pollard reports.
Forty per cent is today's daily digit. That's how much shares in luxury outdoor clothes maker Moncler leapt on their debut on the Milan stock exchange, on the promise of strong growth. The trading follows Italy's biggest IPO since 2010. The company floated close to a third of its equity, giving it a market cap of around two and half billion euros. Moncler's signature is luxury down jackets for the outdoor clothes market. Top of the range items retail for twelve hundred dollars. Despite the price tags, Moncler is forecasting sales will be up 16 per cent this year, 18 per cent next. Demand for the shares was 27 times the number available. Their price nudging fourteen and a half euros on that bounce - compared to a 10.2 euro listing. That's already at the top of the indicative trading range.