Italian luxury sneaker brand Golden Goose said on Thursday it aims to list on Milan's Euronext in June.
If the offer is successful, Golden Goose will join a number of debuts which have revitalised the European IPO market, including CVC (CVC.AS), Galderma (GALD.S) and Puig (PUIGb.MC).
"An IPO is the natural next step in the success story that started in Venice in 2000," CEO Silvio Campara said in the statement. "We have created a luxury brand that today enjoys a loyal community of 1.5 million people in over 80 countries."
The offer will consist of existing shares and 100 million euros ($107.92 million) of new shares, to reach a free float equal to at least 25% of the outstanding share capital.
The proceedings will be used to strengthen the group's capital structure and reduce the debt, the company said in the press release.
Golden Goose, which was valued at 1.3 billion euros when it was acquired by private equity firm Permira in 2020, said it would announce the IPO terms closer to the offer's launch.
Golden Goose's sneakers, with a five-point star on the side, are priced at around 500 euros a pair.
The group's net revenue reached 587 million euros last year, with an adjusted core profit of 200 million euros in 2023, up 19% from a year earlier.
Permira aims at multiples for Golden Goose similar to those achieved by luxury clothes group Moncler (MONC.MI) , two sources close to the matter said.
Moncler is expected to trade at an enterprise value of around 12 times core profit in the coming months, LSEG data shows.
Demand for luxury goods is slowing down, with groups exposed to high-end consumers performing better than the ones relying on so-called "aspirational" customers.
BofA, J.P. Morgan, Mediobanca and UBS will act as joint global coordinators and joint bookrunners in the IPO, with BNP Paribas, Citigroup and UniCredit as joint bookrunners. Lazard is the financial adviser to the company.
($1 = 0.9266 euros)
(This story has been refiled to add CEO's name in paragraph 3)
