Moleskine notebooks list on Milan stock exchange

Shares in Italy's Moleskine, a producer of popular high-end notebooks and diaries, rose on their first day on the Milan stock exchange on Wednesday.

The shares jumped by 2.0 percent to 2.346 euros at the start of trading, while the benchmark FTSE Mib index was down 0.57 percent.

Moleskine shares were sold at 2.30 euros ahead of the listing, valuing the company overall at just less than 500 million euros ($640 million).

The listing has been eagerly anticipated and the shares were heavily over-subscribed despite market uncertainty.

Notebooks similar to the ones produced by Milan-based Moleskine were made by various stationers in Paris in the 19th and 20th centuries and popular with artists and writers of the time.

An Italian company began making the current line of Moleskine products in 1997, initially only for the domestic market but gradually expanding distribution to Europe, Asia and North America.