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Italy's Cucinelli seeks 527 mln euro valuation in IPO
April 13, 2012 / 10:21 AM / 5 years ago

Italy's Cucinelli seeks 527 mln euro valuation in IPO

MILAN, April 13 (Reuters) - Italian clothing company Brunello Cucinelli said on Friday it had priced its initial public offering of shares at between 6.75 and 7.75 euros each, valuing the company at up to 527 million euros ($694 million) including a capital hike.

Cucinelli, famous for its cashmere sweaters worn by Prince William and Hollywood stars such as Demi Moore, aims to raise a maximum of 151 million euros from the new shares in issue, according to the IPO prospectus published in Italian newspapers.

The IPO of 20.4 million shares, running from April 16 to April 27, will bring on to the market a 30 percent stake, or 33 percent if global coordinators BofA Merrill Lynch and Mediobanca fully exercise the so-called greenshoe option.

The offering comprises 8 million of newly issued shares and 12.4 million shares sold by shareholders Fedone and Fundita.

The IPO is seen as a significant expression of confidence in the crisis-hit Italian bourse after the success of Ferragamo’s listing last year and the loss of fashion house Prada to an Asian listing in 2011.

Cucinelli, based in Italy’s Umbria region, posted 2011 net sales of 243 million euros and core earnings of 40 million euros. The listing values the company at an enterprise value of 11.3-12.8 times core earnings, according to the prospectus. ($1 = 0.7590 euros) (Reporting By Danilo Masoni; Editing by Jon Loades-Carter)

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