Italian Design Brands to list on Euronext Milan

ROME (Reuters) - Italian Design Brands (IDB), a hub of high-quality Italian furniture and design companies, said on Monday it planned to list on Euronext Milan, with an initial public offering (IPO) expected by early May.

The company, whose brands include Gervasoni furniture and Davide Groppi lighting, said in a statement the offer would include newly-issued shares worth 70 million euros ($77 million), as well as existing ordinary shares.

The aim is to achieve a free float of at least 25% of the resulting share capital at the end of the listing, IDB said.

The final structure of the offer will be determined closer to the date of its launch, the company added.

IDB said it would use proceeds from the listing to support organic growth as well as investment and working capital.

Citigroup and Equita will act as joint global coordinators and joint bookrunners for the IPO.

In March, IDB reported 2022 pro-forma revenue of 266.5 million euros, up 84.8% on 2021.

($1 = 0.9102 euros)

(Reporting by Alvise Armellini Editing by Cristina Carlevaro and Mark Potter)