Italian Design Brands prices IPO at 10.88 euros per share (updated)

Tamburi Investment Partners

02/05/2023 08:10

(Adds details on IPO, statement from Tamburi)
       MILAN, May 2 (Reuters) - Italian Design Brands (IDB), a
hub comprising Italian furniture and lighting companies, on
Tuesday priced shares of its initial public offering (IPO) at
10.88 euros, valuing the company at 293 million euros ($322
million).
    The free float will equal 27.5% of the company's share
capital, including a full exercise of the greenshoe option, it
said, adding the offer would be launched by the middle of May.
        It will include newly-issued shares worth 70 million
euros, as well as existing ordinary shares in IDB, whose brands
include Gervasoni furniture and Davide Groppi lighting.
  
        On Monday Tamburi Investment Partners  TIP.MI  said it
had agreed to buy a majority stake in IDB's parent company,
valuing the business at 220 million euros ahead of the capital
increase.
        Under the agreement, TIP will invest 72 million euros to
buy a 51% stake of Investindesign, which holds a majority stake
in IDB capital, it said. TIP said it could raise its stake in
Investindesign to 70%
  
        The execution of the initial investment agreement is
strictly conditional on listing IDB shares on the Italian stock
market by June 30.
  
        Citigroup and Equita will act as joint global
coordinators and joint bookrunners for the IPO.
  
($1 = 0.9100 euros)

 (Reporting by Gianluca Semeraro and Francesca Piscioneri
Editing by David Goodman and Keith Weir)
 ((gianluca.semeraro@tr.com; +39 06 80 307 741;))