The pricing of Italy's biggest flotation this year from drinks maker Davide Campari-Milano, at near the bottom of the bookbuilding range, highlights the pressure on new issues in difficult market conditions.

The final issue price was set at €31 ($26.3) compared to the bookbuilding range from €30 and €38. No new shares are to be issued, existing shareholders, including UBS Capital and the founding Garavoglia family, have sold 12.7 million shares, 43.7% of the firm, to raise €393.7m.