Italy’s state-run air traffic controller Enav SpA climbed as much as 12 percent in its Milan trading debut after the first large, European listing since Brexit.

Enav’s government owners had priced shares in an initial public offering at 3.3 euros apiece, near the top end of an offered price range, to raise 759 million euros ($835 million). The stock was trading at 3.66 euros, up 11 percent, at 4:10 p.m. local time. That gave the company a market value of about 1.9 billion euros.

The Italian government sold 42.5 percent of Enav, the first big company to test investor appetite since Britain’s vote to leave the European Union on June 23. The sale had demand for eight times the stock on offer, the finance ministry said last week.

"After the initial shock over Brexit was over, investors were keen to bet on Enav despite the volatile market," said Luca Domina, a managing director at UniCredit SpA, which was one of the banks advising on the sale. "The stock has appeal as a defensive buy with strong dividend yield."

Barclays Plc, Credit Suisse Group AG and Mediobanca SpA led the Enav sale, which is part of Italy’s privatization program.

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