Moncler Owners to Raise as Much as $1.1 Billion in Skiwear IPO After Cucinelli and Ferragamo Tripled Since Listing in 2012 and 2011 Respectively
November 27, 2013 Leave a comment
Moncler Owners to Raise as Much as $1.1 Billion in Skiwear IPO
Moncler, the Italian maker of $1,220 quilted polyester jackets, will sell shares in a second attempt at an initial public offering next month, raising as much as 783 million euros ($1.1 billion) for the company’s owners. The IPO will raise 585 million euros to 681 million euros and a so-called greenshoe option for underwriters may increase the size of the offering by 15 percent, according to terms of the deal. The stock will be priced between 8.75 euros and 10.20 euros, Moncler said in a statement late yesterday.Moncler is seeking to repeat the IPO success of Cucinelli, the maker of $3,195 cashmere cardigans, and Salvatore Ferragamo SpA (SFER), which sells $675 patent-leather platform heels. Shares in both companies have about tripled since they were listed in Milan in 2012 and 2011, respectively, encouraging Moncler’s owners to make a second attempt at an IPO in as many years.
The skiwear maker aborted plans to list in 2011 in favor of a sale to French private-equity firm Eurazeo SA. (RF) Eurazeo, the owner of a 45 percent stake, will sell 14 percent in the IPO, the terms show. Carlyle Group Inc., which owns 18 percent, will sell half its holding.
About 27 percent of the stock will be publicly traded after the IPO, or 31 percent if the greenshoe option is exercised.
The pricing will be announced on Dec. 11 and trading in the shares will commence Dec. 16, according to the deal terms.
To contact the reporter on this story: Paul Jarvis in London at pjarvis@bloomberg.net
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