Esprinet, an Italian software and hardware distributor, conformed to the prevailing trend in the Italian initial public offering market by falling on its trading debut.

Shares opened at €14.1 ($12.3), just above the issue price of €14, and then fell to 13.8. The final price was below the bookbuilding range of between €20 and €23, which had already been cut from €25. Banca Intesa led the €15.4m IPO. Esprinet started trading the day after De' Longhi, the Italian appliance maker, made its trading debut. On Wednesday De' Longhi's share price was €3.39, just below the issue price of €3.4. Merrill Lynch and Unicredit Banca Mobiliare were joint global co-ordinators of De' Longhi's €127.5m offer.