Moncler’s Milan IPO placed 76.82 million existing shares

The option increased the allotted share count

Borsa Italiana lists an initial maximum of 66.80 million shares and a further 10.02 million under the overallotment option. The final count was 76.82 million, meaning the full option was used. The option accounted for about 13% of the final allocation. Source 1

The placement amount came from existing shares

At €10.20 each, 76.82 million shares produce about €783.56 million of gross value. The exchange shows no amount in its newly issued shares line. Its recorded proceeds describe shares placed and do not establish an injection of new equity capital into Moncler. Source 1 Source 3

Institutional orders and allocations were much larger

Borsa Italiana records about 1.99 billion requested shares in the institutional book and 97.05 million in the public book. The exchange allocated 70.14 million to institutions and 6.68 million to the public. Requests are measures of demand, while allocations record the shares placed. Source 1

The first-day close measures a different price

Moncler reported a €14.97 first-day closing price, about 47% above the €10.20 IPO price. The exchange’s €3.62 billion first-day capitalization applies to the company’s shares as a whole. Its February shareholding table in the issuer report is a later ownership snapshot. Source 1 Source 2

Sources

• Borsa Italiana, December 2013 Monthly Update, Moncler placement and admission table
• Moncler, 2013 annual report, financial markets and shareholding discussion
• Euronext, historical Moncler IPO record