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Italian Design Brands aims to launch IPO in Q2 – sources

Italian Design Brands aims to launch IPO in Q2 – sources By Reuters

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Economy 16 minutes ago (Jan 27, 2023 14:01)

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MILAN (Reuters) – Italian Design Brands (IDB) is working towards launch its initial public offering (IPO) in Milan in the second quarter, two sources close to the matter said on Friday.

The company, a hub of high-quality Italian furniture and design companies, could launch the offer as soon as April, according to one of the sources.

In June 2022, IDB said it had appointed Citigroup (NYSE:C) and Equita as joint global coordinators for the IPO.

Last year, market volatility fuelled by Russia’s invasion of Ukraine and rising interest rates caused the new issues market to stall.

The Italian IPO market is now thawing, with EuroGroup Laminations, a maker of electric motor components, and Italian gaming company Lottomatica planning to list in the next months.

IDB was not immediately available for comment.

The group reported revenues of 145 million euros ($158 million) in 2021, with a core profit margin of around 16% of sales.

($1 = 0.9203 euros)

Italian Design Brands aims to launch IPO in Q2 – sources

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