Banca Sistema SpA climbed in its trading debut after the Italian lender sold stock for 146 million euros ($161 million) in an initial public offering as it eyes acquisitions.
Banca Sistema rose as much as 8.8 percent and was up 6.7 percent to 4 euros as of 12:36 p.m., giving the company a market value of about 320 million euros.
“We will look at possible acquisitions within our business area,” Chief Executive Officer Gianluca Garbi told reporters in Milan. He said there are opportunities in areas such as factoring as the industry reorganizes.
Banca Sistema bucked the financial turmoil that’s rippling across Europe amid investor concern that a breakdown of talks between Greece and its creditors might bring the nation to abandon the euro region. Chorus Clean Energy and CBR Fashion Holding were among companies that postponed IPOs this week.
Banca Sistema, which finances and manages trade receivables for public administrations, sold shares at 3.75 euros each in a IPO managed by Barclays Plc, Banca Akros SpA, Jefferies International Ltd. and Intermonte SpA.