Moncler down jackets are about to land in Piazza Affari. The quotation should arrive by the end of the year, according to the rumors published by the Sole 24 Ore. Remo Ruffini, owner of the company, had already attempted the feat two years ago. Today he tries again, thanks to the support of the French of Eurazeo (the fund that holds over 31% of the group) and of the Americans of Carlyle.
The financial and legal advisors will be Lazard, Claudio Costamagna and the lawyers of Latham & Watkins. The pool of banks involved will include Bank of America, Merrill Lynch, Goldman Sachs and Mediobanca as joint global coordinators, and Banca IMI, JP Morgan and UBS as joint bookrunners.
Having discarded the alternative offers to listing by some big international luxury brands, Moncler is reportedly heading towards an OPVS, a public offer for sale and subscription, but the capital increase should not be large. The enterprise value would be between 2,5 and 3 billion euros.
In August, Gianni Tamburi's Tip had acquired – through the newco Clubsette – a 14% stake in Ruffini Partecipazioni, the holding company of the group's owner. An operation that valued Moncler at 2,3 billion euros. Figures to be taken with a grain of salt, given that it was an investment upstream of the holding and not in the operating company.
In this regard, it should be remembered that at the beginning of August, Gianni Tamburi's Tip through the newco Clubsette acquired a minority of 14% in Ruffini Partecipazioni, the holding company of the owner of the quilt group. The operation valued Moncler at 2,3 billion euros, but the calculation seems unreliable given that it is an upstream investment in the holding company (with a series of lock-ups) and not in the operating company.
The company's EBITDA at the end of 2013 should be around 200 million, therefore the enterprise value could reach 2,6 – 2,7 billion. Considering the debt of 230 million, in the IPO the company could be worth – according to calculations by the Sole 24 Ore, 2,3 – 2,4 billion.
The Moncler group grew in the first half, recording +10% in sales to 247 million euros. As reported by Reuters, from the Eurazeo half-year report, the Moncler brand alone showed an increase in sales of 18%, to 183 million.
