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Deals

Italian bike saddle maker Selle Royal aims to list on Milan's bourse

MILAN (Reuters) - Italian bicycle saddle maker Selle Royal Group said on Thursday it aimed to list on the Milan Stock Exchange.

The group, which reported revenue of 205 million euros ($235 million) and a core profit of 36.4 million euros in the financial year ending June 30, is controlled by the Bigolin family, while private equity firm Wise Equity bought a 33% stake in May last year.

Selle Royal also owns the Brooks England and Crankbrothers brands and makes accessories and components for bicycles.

The offering will consist of new and existent shares sold by the two shareholders, the company said in a statement, without giving details on timing and size. It said it was targeting the Star segment of Milan’s bourse, aimed at smaller and medium-sized companies, which requires a free float of at least 35% and sets stricter regulations on governance and liquidity.

The Bigolin family holding will keep control of the company after the listing thanks to a loyalty share scheme.

Equita SIM and UBS Europe SE will act as joint global coordinators for the IPO. Capital For Progress Advisory is the financial advisor.

($1 = 0.8722 euros)

Reporting by Elisa Anzolin

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