A drop by 10% in Pirelli & C Real Estate shares on their first day of trading sparked fears of a collapse in investor confidence for Italian offerings, but failed to deter ASM Brescia, an Italian utility, from pushing ahead with its planned flotation.

ASM Brescia, which is owned by the city of Brescia, announced the price range for its initial public offering (IPO) on Tuesday. The company provides water and waste services as well as power to the municipality, and the IPO comes in defiance of tough market conditions to fund expansion in power generation.