(Adds details on IPO plans)
ROME, April 17 – Italian Design Brands (IDB), a hub of quality Italian furniture and design companies, announced on Monday that it plans to list on Euronext Milan, with an initial public offering (IPO) expected in early May .
The company, whose brands include Gervasoni furniture and Davide Groppi lighting, said in a statement that the offering would include 70 million euros ($77 million) of newly issued shares as well as existing common shares.
The aim is to achieve a free float of at least 25 % of the resulting share capital at the end of the stock market noding, according to IDB.
The company added the final structure of the offer to the date of its start.
IDB said revenues from the listing will be used to support organic growth as well as investments and operating capital.
Citigroup and Equita will act as a joint global coordinator and joint Bookrunners for the IPO.
In March, IDB reported a pro-forma turnover of 266.5 million euros for 2022, 84.8 % more than 2021.
($ 1 = 0.9102 euros) (reporting of Alvise Armellini Editor from Cristina Carlevaro and Mark Potter)
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