Piaggio is set to become the first Italian company in over a month to complete a listing on the Milan Stock Exchange, after winning sufficient orders to proceed with the deal. Its good news came as Italian kitchen equipment maker Elica became the fifth company in less than a month to cancel a flotation in Milan.

Bloomberg reports that the motor scooter manufacturer has gathered enough demand from investors to price its flotation at the bottom of the offer range, valuing the firm at €887m ($1.1bn).