(Alliance News) - FILA Spa announced Wednesday that it has successfully completed the listing of its Indian subsidiary DOMS Industries Ltd on the National Stock Exchange of India.

The shares of DOMS were placed at INR790 each, or approximately EUR8.64 per share, which is the maximum of the identified share valuation range.

As part of the listing, FILA, as the selling shareholder, disposed of 10.1 million shares of DOMS for a total consideration of INR800 million, corresponding to approximately EUR88.0 million, while still remaining the company's largest single shareholder post-listing, as it owns 18.6 million shares of DOMS, representing 30.6 percent of the latter's share capital.

Finally, the effects of the Indian listing will allow FILA to significantly reduce its leverage ratio to support future growth objectives.

"We are proud to have completed the listing of DOMS, the success of which is the result of the joint work of the last few years carried out with all our partners. Today, the company can count on a further strengthened shareholder base with the entry of new institutional investors," said Massimo Candela, CEO of FILA.

"FILA, following the listing, remains the most significant single shareholder with 30.6 percent of DOMS' share capital, a percentage that is at the high end of our expectations. The stock, today, after initial trading, rose to over INR1400 per share, bringing the capitalization to about EUR1 billion and the value of our stake to about EUR300 million. Finally, as we have always done since we joined in 2012, we continue to believe strongly in the further development of the company for the benefit of all stakeholders, and the extraordinary performance of the company's first trading day, which closed registering a 69 percent advance, shows the strength and potential of the Indian market."

FILA's stock is down 0.6 percent at EUR8.67 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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