Italy fashion group Ferragamo planning IPO-report
MILAN, April 13
MILAN, April 13 (Reuters) - Italian luxury goods group Salvatore Ferragamo is planning an initial public offering (IPO) by July or by the end of 2011, MF newspaper reported on Wednesday.
The Florence leather goods company would join other Italian fashion brands such as Prada and Moncler that are turning to equity markets this year to fund expansion.
"The listing project" stems from "the need to find growth strategies that might help secure adequate access to capital markets", MF said, quoting minutes of the March 30 shareholder meeting.
The meeting approved the IPO, the paper said. The company had no immediate comment.
Citing sources, MF added documents for the IPO would be submitted to market regulator Consob soon for the listing to take place by July or by the end of 2011 at the latest.
At least 30 percent of the capital would be floated with a share offering also in the United States and Japan, MF said.
JPMorgan Chase & Co (JPM.N) and Mediobanca (MDBI.MI) are global coordinators and joint lead-managers, the paper said.
Ferragamo swung to profit last year thanks to a 26 percent increase in revenues to 786 million euros ($11.4 billion). Net profit was 61 million euros and earnings before interest, tax, depreciation and amortisation was 113 million euros, the paper said.
MF estimated an enterprise value for the group at between 1 billion euros and 1.7 billion euros.
Chief Executive Michele Norsa said in February the luxury group had not decided on a possible IPO, but ruled out a listing outside of Italy. (Writing by Valentina Za; Editing by Mike Nesbit) ($1=.6912 euros)