(Alliance News) - SBE-Varvit Spa made its debut on the SME list on Tuesday after raising EUR22.7 million.

If the over-allotment option is fully exercised, the total amount raised will be about EUR25 million.

The company, part of the Vescovini Group, is active in the production, distribution, and marketing of a wide and diverse range of fastening components including screws, bolts, nuts, cold and hot-forged products, fasteners, and highly engineered mechanical components. With headquarters in Reggio Emilia and several production facilities in Italy and one in Serbia, the group operates as a full service provider serving more than 5,000 customers globally.

Alessandro Vescovini, chairman of SBE-Varvit, said, "The listing on Euronext Growth Milan is a historic moment for our group, an important step in a strategic path started some time ago by SBE-Varvit. We bring to the Italian Stock Exchange a healthy, solid company, recognized by the market for its reliability and ability to offer performant and essential products in a huge number of applications. We are proud of the milestone we have reached but also aware that this is a starting point for a new path of growth for our company, for the investors who have put their trust in us and for all the people in the Vescovini group."

SBE-Varvit's stock Tuesday closed up 2.0 percent at EUR8.50 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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