Shares In Buitoni Pasta-Owner Newlat Open Flat In Market Debut
Shares in Newlat were little changed on their first day of trading on Tuesday, after the Italian food group pulled through an initial public offering in difficult markets that have thwarted two other Milan listings in recent weeks.
By 0805 shares in Newlat, which owns pasta brands Buitoni and Delverde, were unchanged at the IPO price of €5.80 ($6.43) each.
Newlat priced its public offering at the low end of a 5.8-7.3 indicative price range.
Newlat had originally planned to commence trading on the Milan bourse on 24 October, but postponed this until 29 October.
Last week, Newlat chief executive Angelo Mastrolia said that he was 'very optimistic' about the group's public offering.