Piaggio, the first company to brave a listing on the Italian stock market in two months, traded 13% up on its first day. Europe's biggest scooter maker raised €274m ($349m), valuing it at about €900m.

A total of 119.3 million shares were priced last week at €2.30, the bottom of a marketed range of €2.30 to €3. If the over-allotment option is exercised a further 17.9 million shares could be placed, bringing the total fundraising to €315m and increasing Piaggio's free float to 41.2%.