By  on July 20, 2007

MILAN — Aeffe SpA's initial public offering ended Wednesday with requests for almost two times the number of shares, but on the lower end of the offer's initial price range.

Mediobanca and Merrill Lynch International, the IPO's coordinators, set Aeffe's final price at 4.10 euros, or $5.66 at current exchange, per share, the minimum end of a price range that ran as high as 5.40 euros, or $7.45, per share.

At that price, the IPO will generate about 78 million euros, or $107.6 million, for Aeffe's coffers, the company said in a statement. Aeffe plans to use the IPO-generated funds to develop its portfolio of fashion brands, including Alberta Ferretti, Moschino and Pollini.

Aeffe shares will start trading on the Milan stock exchange's STAR segment for small companies on July 24. The Italian fashion company's initial market capitalization, based on the final IPO price, will be about 440.2 million euros, or $607.4 million.

Aeffe is selling 34.8 million shares, or about 32 percent of its capital, in the IPO. The banks have not yet stated whether or not they will exercise an overallotment option, or greenshoe, and sell an additional 5.2 million shares in the company.

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