Masi Agricola has listed on the Italian stock exchange and hopes to set a trend for other wine producers in the country.

Masi is listed on Borsa Italiana’s AIM index for small and medium-sized businesses, having sold 20% of its share capital for €4.60 per share. It said shares were made available via a sale of stock held by private equity group Alcedo SGR, a shareholder through vehicle company, and the company’s capital increase.

The share issue realised total receipts of €29.6m, making it the biggest Italian AIM flotation to date, and was 1.3 times over-subscribed, according to reports in Italy.

The flotation means Veneto-based Masi is valued at just under €150m. Shares were continuing to trade at or around €4.60 today (5 August).

Both Italian and foreign investors bought shares.

‘I hope that other producers will see us as pioneers,’ said Sandro Boscaini, head of Masi Agricola. ‘The diverse group of producers that make up today’s wine sector need putting in order to succeed in a market that is increasingly global.

‘We want to do our bit while maintaining our identity and remaining in the small circle of leading, quality Italian wine brands.’

According to a study by Milan’s Bocconi University, Italy’s GDP would rise by 1% if the number of companies listed on its stock market doubled to 600.

Masi’s listing follows that of a number of other leading Italian food and beverage businesses recently, including food chain Eataly and pasta maker De Cecco.

Updated 18/08/2015 to provide more details on the source of the issued share capital.