Moncler’s stock took a step back during its second day of trading on the Milan Stock Exchange, but the company is still well ahead after its blockbuster debut on Monday.
Shares of the outerwear firm closed down 5.5 percent Tuesday to 14.15 euros, or $19.46 at current exchange. The stock hit a high of 14.75 euros, or $20.30, in midday trading and closed 38.7 percent ahead of its initial opening price of 10.20 euros.
The offering was 27 times oversubscribed and ultimately moved 76.8 million shares into public hands.
A total of 744 institutional investors applied for shares, including 55 from Italy and 689 from abroad.
The offering made headlines in Italian newspapers, almost all hailing the company’s “boom debut” on the Bourse. Financial daily Il Sole 24 Ore underscored how the brand’s first day as a publicly listed company eclipsed that of Royal Mail in October, which saw a 38 percent gain.