MILAN, May 5 (Reuters) - Shares in Italian high-tech group SECO fell on their market debut on the Milan Stock Exchange on Wednesday, a day after tech stocks in Europe recorded their worst day since late-October after trading near record highs.
The stock was down 2.4% at 0900 GMT from the 3.7 euros price at the start of trading which gave the company a market capitalisation of around 397 million euros ($476 million).
European tech stocks were up 2% after a 3.7% plunge in the previous session.
SECO, which develops embedded microcomputers and ‘internet of things’ solutions, said its initial public offering (IPO) drew more than 400 million euros in bids, almost three times the shares available.
Chief Executive Massimo Mauri told Reuters the company aimed to focus on acquisitions and on an industrial agreement with Telecom Italia unit Olivetti on internet of things and artificial intelligence.
Olivetti bought 7.5 million shares in SECO’s IPO, equal to 7% of the company’s share capital.
Goldman Sachs and Mediobanca acted as joint global coordinators in the IPO. Value Track was SECO’s financial adviser.
$1 = 0.8342 euros
Reporting by Elisa Anzolin. Editing by Mark Potter