Italian Design Brands (IDB), the Italian hub of high-quality Italian furniture and design, has announced its intention to proceed with the quotation of its ordinary shares on Euronext Milan. The Group has filed the prospectus for the listing with Consob and expects to start theoffer by the beginning of May.
IDB: the details of the IPO
Initially theoffering, to obtain the free float necessary for listing purposes, will be addressed exclusively to qualified investors in the member states of the European Economic Area and in the United Kingdom ea foreign institutional investors outside the United States of America The offering provides for new shares of common stock for one value of 70 million, coming from a capital increase with the exclusion of the option right. Second is the expected sale of existing common stock by current shareholders “with the aim of achieving a at least 25% free float of the share capital resulting from the listing".
THEstart of the Offer, which will be made on the basis of a separate document, an International Offering Circular, is expected by the beginning of May 2023compatibly with market conditions and subject to the release of the provision for admission to listing by Borsa Italiana as well as the approval of the prospectus by Consob.
The proceeds of the capital increase will be used for "the implementation of the organic growth strategy", to "finance growth for external lines" and "to support productive investments and for working capital", reads the company's note .
La final structure of the Offer, which also includes an option greenshoe, together with the other relevant terms and conditions thereof, will be determined closer to the start of the IPO. Citigroup ed Equity will act as joint global coordinators and joint bookrunners while Equita also acts as Listing Agent for the purposes of the Listing.
IDB: the 2022 budget
Italian Design Brands ended 2022 with revenues at 266,5 million (+84,8% compared to 2021), thanks to the two acquisitions signed during the year which led to the majority of International furniture range and entry into the portfolio of Cube Design, an Abruzzo company which owns the Binova and Miton Cucine brands, specialized in the production of modular kitchens and systems. Also important is the strengthening of Flexlighting in North America. The export value is equal to 75% of the turnover. The Group operates in over 130 countries including the UK. THE'Adjusted EBITDA pro forma rises to 49,2 million euros (+111,1% compared to 23,3 million in 2021) with a pro forma percentage margin of 18,5% (+16,2%). L'Net income it stands at 25,5 million, doubling the value of the previous year. In December 2022 the financial position is 162 million euros.
The first few months of 2023 also signal growth for the Group, referring to both sales revenues and the order book at the end of February, reflecting a still positive market trend despite the persistence of various elements of uncertainty relating to macroeconomic trends and the consequent effects on the real economy.
What is Italian Design Brands
Italian Design Brands (IDB), born in the 2015 on the initiative of Private Equity Partners spa (by Fabio Sattin and Giovanni Campolo), from Paolo Colonnaand by the industrialists of the sector Giovanni and Michele Gervasoni, supported by a select group of private investors. The goal is to promote a pole of high quality Italian design. To date the Group has ten companies, each with its own precise identity: Gervasoni (2015), which creates furnishing solutions through the homonymous brand and the Very Wood brand, Meridians (2016), a company specialized in the creation of contemporary and versatile furniture, Cenacchi International (2017), operating in the contract world for the luxury sector, Davide Groppi (2018) who invents and produces lamps and light projects, Saba Italy (2018), high-end design furniture company, dead (2019), a company specialized in furnishing projects in the contract sector, Flexlighting (2020), which designs and manufactures LED lighting systems for interiors and exteriors, Axolight (2021), specialized in the design and production of made in Italy design lamps, Furniture range (2022), which produces upholstered furniture and furnishing accessories mainly in leather and Cube Design (2022), specialized in the production of modular kitchens and systems. Today it has over 650 employees.
