Last week Italian Design Brands (IDB) launched the IPO for entry on the Italian Stock Exchange, slated to conclude today, 18 May. IDB was recently given the go-ahead by Consob for the issuing of a prospectus, and the Italian Stock Exchange has made provisions for the quotation of the common stock on Euronext Milan. The start of trading on Euronext Milan, scheduled for 18 May 2023, remains pending on the necessary approval on the part of the Italian Stock Exchange.
The financial group helmed by Andrea Sasso and directed by Giorgio Gobbi, now at the head of 10 companies in control of 13 brands, was formed in 2015 by initiative of a club deal of investors composed of Private Equity Partners spa (headed by Fabio Sattin and Giovanni Campolo), the Italian private equity pioneer, Paolo Colonna, and sector industrialists Giovanni and Michele Gervasoni, flanked by a selected group of private investors.
Today the group has over 650 employees and 10 operative companies, each with its own precise identity: Gervasoni (2015), which produces décor solutions under its own trademark and the brand Very Wood; Meridiani (2016), a company specialized in the creation of refined and versatile contemporary furnishings; Cenacchi International (2017), operating on the luxury contract market; Davide Groppi (2018), which invents and produces lamps and lighting projects; Saba Italia (2018), a premium design manufacturer; Modar (2019), specialized in contract furnishing projects; Flexalighting (2020), which designs and produces LED lighting systems for indoor and outdoor use; Axolight (2021), specialized in the design and production of design lamps Made in Italy; Gamma Arredamenti (2022), which produces upholstered furniture and décor complements, mostly in leather; and Cubo Design (2022), a maker of modular kitchens and systems, operating through the brands Binova and Miton Cucine.
A few days ago the group determined 10.88 euros per share as the offer price, which corresponds to a post-offer market capitalization of 293 million. The offer is for a maximum of 6,433,823 newly issued shares at a price of 10.88 euros per share, including share premium, and therefore a maximum countervalue, including share premium, of about 70 million, resulting from a share capital increase with the exclusion of pre-emptive rights.
In addition, the plan is to issue 275,735 shares in the context of a capital increase with the exclusion of pre-emptive rights reserved for certain shareholders/entrepreneurs of subsidiaries, which have made a commitment to subscribe at the offer price.