* IPO to close four days earlier than planned
* Shares to start trading on April 27
* IPO covered also at top range - source
(Adds details, background)
MILAN, April 20 Italian cashmere house Brunello
Cucinelli will close the books for its 150 million euro ($197
million) initial public offering (IPO) earlier than planned
because of ample demand, the company said in a statement on
The public offer will now close on Monday, April 23 instead
of Friday, April 27 and the new shares are 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.
The IPO is a welcomed sign of confidence for 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.
Earlier this week, shares in luxury luggage maker Tumi
soared in their market debut in New York, as strong
demand in emerging markets for Western luxury brands lures
investors into the sector's stocks.
"I think it will be (priced) at the top of the range.
Investors that we met in the UK were very impressed," a second
source close to the deal said.
If priced at the top of the 6.75-7.75 euro range, the IPO
would value the Umbria-based company at 527 million euros.
The fashion house started its roadshow in Milan on Monday
and the IPO had already been subscribed two times over before it
moved to London on Wednesday, sources told Reuters earlier this
Umbria-based Cucinelli, whose 2,000-euro cashmere jumpers
are worn by Prince William and Hollywood stars such as Demi
Moore, wants to list a third of its shares on the Milan stock
Mediobanca and BofA Merrill Lynch are
global coordinators on the deal.
($1 = 0.7609 euros)
(Reporting by Elisa Anzolin and Michel Rose; Editing by