Nov 11, 2013
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Italian jackets firm Moncler starts pre-marketing for share offer

Nov 11, 2013

MILAN, Italy - Italian luxury quilted jackets maker Moncler began pre-marketing to investors on Monday an initial public share offer in Milan for around 30 percent of the company, according to outline term sheets seen by Reuters.

The exact timing for the deal has not yet been set but it normally takes about a month from the first day of pre-marketing for an IPO to debut trading on the market.

"I think there will be a lot of interest in the deal and they'll do it quickly ... based on what I have heard from investors," a Milan-based trader said.

The deal could be worth about 750 million euros ($1.00 billion), sources familiar with the plan said earlier this year, valuing Moncler, known for its black shiny goosedown jackets, at around 12.5 times its reported 2012 core earnings of 170 million euros.

Global coordinators for the deal are Goldman Sachs , Bank of America Merrill Lynch and Mediobanca .

Banca Imi, JP Morgan, Nomura and UBS are joint book-runners while BNP Paribas , Equita SIM and HSBC are lead managers.

Moncler was a dormant brand generating 45 million euros in sales when Italian businessman Remo Ruffini took control in 2003 and turned it into a trendy fashion label.

Notebook maker Moleskine is the only other company to have listed on Milan's main bourse so far this year. Moncler's could be the second IPO in December, however, after an expected offering from freight forwarding company Savino del Bene.

$1 = 0.7491 euros

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