LUXURY down jacket maker Moncler priced its stock market listing at the top of the range yesterday after strong demand from investors attracted by the brand's global growth prospects.
Moncler said institutional investors had put in bids worth more than €20bn (£16.8bn) euros, or 31 times the number of shares on offer.
The listing in Milan, set to raise at least €681m for the selling shareholders, will be the biggest by a European luxury company since Prada raised $2.1bn through a Hong Kong offering in June 2011.
The top of the €8.75 to €10.20 euro per share price range values Moncler at €2.55bn, and about 20.5 times next year's earnings. Current shareholders, headed by French investment firm Eurazeo, alongside private equity group Carlyle are set to profit from the deal.
City A.M. Reporter