MILAN (Reuters) - Shares in Italy's Italian Design Brands (IDB), a hub of Italian furniture and lighting companies, jumped more than 3% on their Milan bourse debut on Thursday.
At around 1000 GMT IDB's shares were up 3.3% from the fixed price set in its initial public offering.
The group, which offered newly issued shares worth 70 million euros ($77 million), is aiming to use part of the IPO proceedings for new acquisitions.
"We hope to bring in another company by year-end," IDB's Chief Executive Andrea Sasso told journalists. He added that the order book for the share offer had been more than twice covered.
Citigroup (NYSE:C) and Equita acted as joint global coordinators and joint bookrunners for the IPO.
($1 = 0.9084 euros)