* Shares soar to 14.5 euros as investors scramble for stock
* Listing is biggest in Italy since 2010
* Moncler seen growing faster than the market - analyst
(Adds company valuation after listing, sector comparison,
By Isla Binnie
MILAN, Dec 16 Moncler shares jumped
more than 40 percent on their first day of trading in Milan as
investors scrambled to put their money into the maker of luxury
down jackets, attracted by its strong revenue growth prospects.
Moncler, which started life as a ski jacket maker in the
French Alps in 1952, wooed investors with the worldwide reach of
its brand and consumer appetite for chic outdoor gear.
"There was incredible demand," said Bernstein luxury goods
analyst Mario Ortelli. "In the short term, I expect the company
will have stronger growth than the market."
Moncler shares were changing hands at around 14.5 euros by
1126 GMT on Monday, compared to a listing price of 10.2 euros.
Milan's bourse was broadly flat on the day.
The listing of around 31 percent valued Moncler at 2.55
billion euros ($3.5 billion), but the share spike indicates it
is now worth around 3.6 billion euros.
Moncler's main shareholders raised 681 million euros through
the share sale, Italy's biggest initial public offering (IPO)
since 2010 and the biggest by an Italian company since Prada's
Hong Kong listing in 2011.
A source familiar with the matter said new investors in
Moncler had included Italian luxury leather group Salvatore
Ferragamo and LVMH head Bernard Arnault.
Sovereign wealth funds from Qatar, Singapore, Abu Dhabi and
China also bought shares, the source said.
The company said it received subscriptions worth 27 times
the number of shares on offer, including a "greenshoe"
If this option is exercised, allowing extra shares to be
sold to meet the strong demand, the size of the sale could
increase by 15 percent to around 784 million euros.
Around 80 percent of investors who placed orders for shares
in the offering, which closed on Dec. 11, received nothing, two
people familiar with matter said.
Moncler's first-day gain far exceeded that of Salvatore
Ferragamo after its 2011 listing. Ferragamo's shares settled
around 6 percent above their IPO price after their debut.
Moncler's revenues are expected to rise 16 percent this year
and a further 18 percent next year to 670.9 million euros,
according to a document used to market the listing to investors
by joint bookrunner Banca IMI.
Company president Remo Ruffini, who bought the brand in 2003
and is the biggest shareholder after the listing, said at a
ceremony to mark the start of trading that shares were allocated
"to reflect Moncler's geographical reach: a third in Europe, a
third in the Americas and a third in Asia".
French investment firm Eurazeo, private equity
group Carlyle and Brands Partners sold part of their
holdings, but will all keep a stake in Moncler.
The IPO price gave the maker of $1,200 goose down jackets a
forward price to earnings ratio of about 20.5 times, putting it
at a premium to bigger luxury peers such as Richemont
and LVMH, which are trading on about 16.5 times, but
at a discount to Prada, which is on about 23 times.
Ruffini has said the company plans to expand its product
offering beyond the down jackets for which it is best known, a
plan which shareholders hope will guarantee sales growth.
"The real challenge for the company in the long run is to
decrease dependency on the main product line," said Ortelli,
adding it should adapt its shops to accommodate new products.
"When you are reliant on one product category you run the
risk of fading because people get bored."
The offering was run by Bank of America Merrill Lynch
, Goldman Sachs, and Mediobanca.
($1 = 0.7283 euros)
(Additional reporting by Elisa Anzolin in Milan and Kylie
MacLellan in London; editing by Astrid Wendlandt and Tom