A successful first few hours of trading for Italy's largest initial public offering of the year have given bankers hope for other flotations from the country, even those in different sectors.

Shares in Snam Rete Gas, the Italian gas distribution company, rose more than 5% in their first few hours of trading, reaching as high as €2.95. The shares had been sold at €2.80, near the top of the price range used for the company's €2bn ($1.8bn) flotation.