Cucinelli says IPO to close ahead of time on strong demand

MILAN, April 20 Fri Apr 20, 2012 7:33am EDT

MILAN, April 20 (Reuters) - Italian cashmere house Brunello Cucinelli will close the books for its 150 million euro initial public offering (IPO) earlier than planned because of ample demand, the company said in a statement on Friday.

The public offer will close on Monday, April 23 instead of Friday and the new shares are now expected to start trading on April 27 instead of May 3.

Earlier on Friday, a source close to the matter told Reuters the IPO was fully covered even at the top of the price range set at 7.75 euros.

"All price levels have been amply covered," the source said.

"I think it will be at the top of the range. Investors that we met in the UK were very impressed," another source close to the deal said. (Reporting by Elisa Anzolin and Michel Rose)

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