MILAN, April 10 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
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
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)