Cashmere house Cucinelli IPO approved by Milan bourse
MILAN, April 10
MILAN, April 10 (Reuters) - Italian clothing company Brunello Cucinelli has received the green light for its initial public offering in Milan, the Italian bourse operator said on Tuesday, paving the way for a listing expected early next month.
Cucinelli, famous for its cashmere sweaters worn by Prince William and Hollywood stars such as Demi Moore, is looking to list on the Milan stock market on May 3 with a float of around 30-33 percent, a source close to the situation told Reuters last week.
Bank of America Merrill Lynch, joint bookrunners with Mediobanca, values the Umbrian company between 425 million euros and 492 million euros pre-capital increase, two sources said.
The IPO is a significant expression of confidence in the crisis-hit Italian bourse following the success of Ferragamo's listing last year and the loss of fashion house Prada to an Asian listing in 2011.
Ferragamo is up about 80 percent since its shares began trading in Milan last June. Prada's stock has risen less than a third since a Hong Kong IPO around the same time.
Cucinelli's roadshow is expected to run from April 16 to April 27, when pricing will be decided.
For a recent interview with Brunello Cucinelli, click on: (Reporting by Michel Rose; Editing by David Cowell)