The most desired sneakers of recent years are rushing towards Piazza Affari. Golden goose group, the company that produces the luxury sneakers of the same name, will debut at the Milan Stock Exchange on June 21st.
Golden Goose: Ipo between 9,50 and 10,50 euros, details of the offer
The group announced through a note that it had identified a price range for its ordinary shares between 9,50 and 10,50 euros, a figure that corresponds to a market capitalization of between approximately 1,693 billion and 1,860 billion euros.
The offer, Golden Goose recalls, will consist of a placement reserved for institutional investors of newly issued shares deriving from a capital increase with the exclusion of the option right and existing shares offered for sale by the current sole shareholder Astrum.
Overall, a number of newly issued shares will be offered such as to raise gross proceeds equal to 100 million, i.e. 9.523.810 shares at the maximum price or 10.526.316 shares at the minimum price. Astrum, for its part, will sell 43.619.047 existing shares at the maximum price or 42.947.368 at the minimum price and will also grant JP Morgan, as stabilization manager, an Over-allotment option of up to 15% of the total number of shares on offer.
As part of the IPO, the funds advised by Invesco Advisors have undertaken to purchase shares at the final price, subject to certain conditions precedent, for an amount of 100 million euros. The offering of shares will be equal to 30% of the capital social (without the Over-allotment Option). The offering period is expected to begin on June 13, 2024 and end on or around June 18, 2024, although it may be shortened, extended or suspended. The final price of the offering is expected to be published on June 19, 2024. The first trading day is scheduled for June 21, 2024.
All issues of Golden Goose
Golden Goose has a strong growth track record, with a compound annual net revenue growth rate of 23% from fiscal 2021 to fiscal 2023 and a 34% adjusted ebitda margin in fiscal 2023. As of December 31, 2023, the company has registered revenues of 587 million, up 18% compared to financial year 2022. Adjusted EBITDA stood at 200 million (+19%), while adjusted EBIT increased by 22% to 149 million.
In first quarter of 2024, Golden Goose's revenues instead amounted to 148 million euros, with growth of 12% at constant exchange rates compared to the first quarter of 2023 and an adjusted ebitda of 54 million euros, up 17% compared to the first quarter 2023.
