Companies

Golden Goose valued at up to 1.86 billion euros for IPO

Jun 14, 2024 Italy

The Italian luxury sneaker company is targeting a market capitalisation of up to 1.86 billion euros in its initial public offering on the Milan stock exchange, below earlier expectations

Golden Goose, owned by private equity firm Permira, has announced that it has set a price range of 9.50 euros to 10.50 euros for the IPO and expects to raise up to 558 million euros before the over-allotment option is exercised.

Golden Goose is issuing around 10 million new shares, while Permira could sell up to 43.6 million existing shares at the top of the price range. Invesco Advisers has agreed to be a cornerstone, taking a 100-million-euro stake at the final price. The size of the transaction could increase to approximately 642 million euros if there is a demand to allot additional shares under a green shoe option.

The valuation is lower than Permira had originally expected. Sources close to the deal told Reuters in April that the majority shareholder of Golden Goose was seeking an enterprise value of around 3 billion euros. When it was acquired by Permira in 2020, the luxury sneaker brand was valued at 1.3 billion euros.

Golden Goose plans to use the IPO proceeds to strengthen the group’s capital structure and reduce debt.

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Italy Companies Golden Goose IPO Luxury Sneakers