PERMIRA-BACKED luxury sneaker maker Golden Goose Group has decided to postpone its planned initial public offering (IPO).
Golden Goose and its owners have taken the decision to shelve the listing amid a drop in luxury stock valuations due to political uncertainty in Europe, the company said.
Demand for the shares was strong across the price range from the first hour of bookbuilding and was oversubscribed, the company said. Invesco was set to take 100 million euros (S$145 million) of the shares as a cornerstone investor.
At the top end of the price range, the listing would have raised as much as 595.7 million euros and valued the company at about 1.7 billion euros, if the underwriters had exercised their overallotment option, according to Bloomberg calculations.
Milan-based Golden Goose was planning to sell about 10.5 million shares, while majority owner Permira was to offer 43.6 million existing shares. The shares were set to start trading on Jun 21.
Golden Goose was set to price the IPO at 9.75 euros a share, towards the lower end of a marketed range of 9.50 to 10.50 euros, according to terms for the deal seen by Bloomberg News.
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The decision to postpone comes amid a turbulent period for European stocks, with volatility unleashed by political upheaval in France after President Emmanuel Macron’s snap election announcement sparked a market rout.
The listing would have been Milan’s biggest since at least the 599 million euros sale by gambling company Lottomatica in May last year. Earlier on Tuesday (Jun 18), bakery firm Europastry announced plans for an IPO on Spanish stock exchanges.
Golden Goose’s IPO was being led by Bank of America, JPMorgan Chase, Mediobanca and UBS Group. BLOOMBERG
