Andrea Sasso, President and CEO of Italian Design Brands
Italian Design Brands sets the price for the stock exchange
Italian Design Brandsthe Italian hub of high quality furniture and design, announces the unit price at which its ordinary shares will be offered in IPO to €10.88 and corresponding to a capitalization after capital increases (as defined below) of €293 million.
The determination of the offer price, which attributes to the company an equity value before capital increases (as defined below) of €220 million, was achieved by considering the results and development prospects of the company and the group in the current and subsequent financial years, taking into account: (i) market conditions, (ii) the results of the investor education activity carried out with Institutional Investors; and (iii) the value of the economic capital of the Company agreed by the parties under the investment agreement with Tamburi Investment Partners S.p.A..
The offer is expected to concern 6,433,823 newly issued shares of the company for a value, including any share premium, of approximately €70 million deriving from a share capital increase with the exclusion of pre-emption rights.
Furthermore, the issuance of 275,735 ordinary shares of the newly issued company is envisaged in the context of a capital increase reserved for certain shareholders / entrepreneurs of certain companies controlled by the Issuer who have undertaken to purchase at the offer price.
The concession by the company’s shareholders is also envisaged Joint Global Coordinators (as defined below) of the greenshoe option for maximum n. 965,074 shares, equal to approximately 15% of the maximum number of shares subject to the offer. In the event of full execution of the market capital increase and full exercise of the greenshoe option, the offer will concern a total of no. 7,398,897 shares of the company, corresponding to approximately 27.5% of the share capital following the capital increases. The proceeds from the market capital increase will be used by the company, among other things, to support the implementation of its strategic objectives.
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