Luxury sneaker maker Golden Goose said it is aiming for a market capitalisation of up to EUR 1.86 billion (USD 2 billion) in its initial public offering (IPO) ahead of its listing on the Milan Stock Exchange.
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Golden Goose, owned by private equity firm Permira, revealed a set price range of EUR 9.50 to EUR 10.50 for the share listing, and expected to raise up to EUR 558 million before exercising the over-allotment option.
The valuation is lower than initially expected by Permira, according to a Reuters report, with sources adding the main Golden Goose shareholder had aimed for a total value of around EUR 3 billion.
The share offering, of around 30 percent 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 EUR 100 millions 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.
Permira acquired Golden Goose in 2020 for EUR 1.28 billion from Carlyle, which had previously bought company for EUR 400 million in 2017.
Golden Goose CEO Silvio Campara, who founded the company in 2000, said the IPO will bring its shoes to an “even broader audience.”
“Golden Goose is a category-shaping luxury company built to resonate with the new generation of luxury consumers,” said Permira’s Francesco Pascalizi.
In its most recent trading update, Venice-based Golden Goose said net revenues rose 12 percent at constant exchange rates in the first quarter while maintaining “strong margins.”