Golden Goose targets $2 billion market cap in IPO, below expectations
Adds details on deal, sources on valuation
By Elisa Anzolin
MILAN, June 11 (Reuters) -Italian luxury sneaker maker Golden Goose is aiming for a market capitalisation of up to 1.86 billion euros ($2 billion) in its initial public offering (IPO) on the Milan bourse, below earlier expectations.
The IPO of Golden Goose, which sells shoes for around 500 euros a pair, will be the largest in Italy since gambling firm Lottomatica listed more than a year ago.
Golden Goose, owned by private equity firm Permira, said on Tuesday it set a price range of 9.50 euros to 10.50 euros for the share listing, and expected to raise up to 558 million euros before exercising the overallotment option.
At the top of the price range, the company's enterprise value is estimated at roughly 2.4 billion euros, according to a Reuters calculation.
The valuation is lower than initially expected by Permira. Sources close to the deal told Reuters in April that the main Golden Goose shareholder had aimed for an enterprise value of around 3 billion euros.
In 2020, Golden Goose was valued at 1.3 billion euros when it was acquired by Permira.
Permira has taken a very conservative approach and priced the offering constructively to ensure a strong aftermarket, a source close to the company told Reuters.
The share offering, of around 30% of the total capital, will consist mainly of shares sold by shareholders.
Funds advised by investment management firm Invesco Advisers will act as cornerstone investors and acquire 100 million euros of shares in the offering, Golden Goose said.
The offer period will start on June 13 and end on June 18. The first day of trading is expected to be June 21.
BofA, JPMorgan, Mediobanca and UBS will act as joint global coordinators in the IPO, with BNP Paribas, Citigroup and UniCredit as joint bookrunners.
($1 = 0.9287 euros)
Reporting by Elisa Anzolin; editing by Giulia Segreti, Jason Neely and Shinjini Ganguli
免責聲明: XM Group提供線上交易平台的登入和執行服務，允許個人查看和/或使用網站所提供的內容，但不進行任何更改或擴展其服務和訪問權限，並受以下條款與條例約束：（i）條款與條例；（ii）風險提示；（iii）完全免責聲明。網站內部所提供的所有資訊，僅限於一般資訊用途。請注意，我們所有的線上交易平台內容並不構成，也不被視為進入金融市場交易的邀約或邀請 。金融市場交易會對您的投資帶來重大風險。
所有缐上交易平台所發佈的資料，僅適用於教育/資訊類用途，不包含也不應被視爲適用於金融、投資稅或交易相關諮詢和建議，或是交易價格紀錄，或是任何金融商品或非應邀途徑的金融相關優惠的交易邀約或邀請。
本網站的所有XM和第三方所提供的内容，包括意見、新聞、研究、分析、價格其他資訊和第三方網站鏈接，皆爲‘按原狀’，並作爲一般市場評論所提供，而非投資建議。請理解和接受，所有被歸類為投資研究範圍的相關内容，並非爲了促進投資研究獨立性，而根據法律要求所編寫，而是被視爲符合營銷傳播相關法律與法規所編寫的内容。請確保您已詳讀並完全理解我們的非獨立投資研究提示和風險提示資訊，相關詳情請點擊 這裡查看。
