PARIS--Shares in Italian clothing company Moncler SpA, known for
its puffy winter jackets, will be up for grabs Thursday as part of
an initial public offering due to lead to the listing of as much as
30.7% of its capital on the Milan stock market.
The company will initially offer 26.7% of its capital at a price
of between EUR8.75 and EUR10.2 a share, which would value the
company at up to EUR2.6 billion ($3.53 billion). The offer may be
increased to 30.7% if the greenshoe option--where the underwriter
can sell more shares than originally planned by the issuer--is
exercised.
The public offering will end Dec. 11 and the price will be set
by Dec. 13. The shares could start trading on the Milan stock
exchange on Dec. 16.
Moncler is owned by French private-equity fund Eurazeo SA
(RF.FR), with a 45% stake. Its Chief Executive Remo Ruffini has a
32% stake, asset management firm Carlyle Group controls 18% and
Mittel Private Equity has 5%.
Eurazeo said Thursday it will keep a stake of 19.71% in Moncler.
Carlyle will be also be selling shares in the offering, while Mr.
Ruffini will keep all his shares, a person familiar with the sale
said Wednesday.
Moncler is just the latest in a number of small Italian luxury
companies seeking growth without falling prey to the big
conglomerates in the sector. In the past few years, companies such
as Brunello Cucinelli SpA and Salvatore Ferragamo SpA have opted
for an initial public offering as a way to increase visibility,
finance their growth, and better compete with larger rivals.
Brunello Cucinelli went public in 2012, while Salvatore Ferragamo
launched its IPO in 2011.
The company, which booked EUR489 million in sales in 2012, is
broadening its offer to shoes and knitwear as well as trying to win
customers in key markets where it still has a limited presence.
Write to Inti Landauro at inti.landauro@wsj.com
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