Shares in the initial public offering of Österreichische Post, the state-owned Austrian postal service, soared 10% during their first day of trade after being priced at the top of their range in spite of the recent downturn in stock markets.

Shares were priced Tuesday at €19, at the top of the €17 to €19 indicative price range. The offer, which was led by Erste Bank, Goldman Sachs and Raiffeisen Centrobank, was seven times oversubscribed according to banking sources.