Italian space launcher company Avio lands on stock market

MILAN (AP) - Italian space launcher company Avio SpA has become the first in its category to go public, seeking to boost its growth ambitions.

Avio launched its initial public offering at a share price of 13.88 euros ($14.70) Monday.

Avio is the largest satellite launcher in Europe. It makes engines for rockets that are used to put small satellites into low orbit, in joint venture with the Italian Space Agency.

As part of the moves to help Avio grow, Italian defense contractor Leonardo, formerly known as Finmeccanica, has increased its stake in Avio from 14 percent to 28 percent. Avio also merged with an acquisition vehicle, Space2, which is investing cash.

Avio has annual revenues of 280 million euros with a backlog of 900 million euros in orders.