MILAN (Reuters) -Shares in Italian microelectronics company Technoprobe rose on their stock market debut in Milan on Tuesday after an initial public offering that valued the company at 3.4 billion euros ($3.8 billion).
The shares traded 8% higher at 6.15 euros by 0820 GMT, having been priced at 5.70 euros in the IPO, towards the lower end of the initial range of 5.40-6.30 euros.
Technoprobe, one of the world’s largest manufacturer of so-called probe cards used for testing chips, has joined Euronext Growth Milan (EGM), a market dedicated to small and medium enterprises, which has a more flexible admission process compared with the main market.
The choice of this market was surprising since the average size of the companies listed on EGM is much smaller. Technoprobe will count for roughly a third of the index.
The familiy-controlled group has chosen the EGM market to speed up the listing process and plans to move to the main market in 18-24 months after the listing, two sources have previously said.
($1 = 0.8824 euros)
(Editing by Keith Weir; editing by Agnieszka Flak)
