Italeaf rises 4% in first Italian IPO in Sweden

Sep 5, 2014 - Cleantech and smart innovation company Italeaf (STO:ITAL SDB) rose 4% at closing on its first trading day at Stockholm's NASDAQ OMX First North market on Thursday in what was the first Italian initial public offering (IPO) in Sweden.

Italeaf started trading at a placement price of EUR 2.50 (USD 3.23) per share and closed at EUR 2.60.

Italeaf, whose main asset is the 54.8% stake in renewables company TerniEnergia (BIT:TER) has picked Stockholm for listing its shares because of the leading position of the Scandinavian countries in the cleantech industry, the company said in its listing rationale. Trading in Stockholm will back Italeaf's growth, strategy and funding, it added. Italeaf has also selected Stockholm in order to avoid overlapping with TerniEnergia which is listed on Borsa Italiana, owned by the London Stock Exchange, Italeaf chairman Stefano Neri said in a company statement on the listing project in June. The company targets to create value, extend its shareholder base and raise its brand awareness, Neri added.

(EUR 1 = USD 1.293)

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