Italian fashion retailer OVS
is ready for its initial public offering followed by a listing
on the Milan stock exchange scheduled for March 2, its Chief
Executive Officer Stefano Beraldo said Monday.
During a presentation of the IPO which goes on sale Tuesday
and continues until February 24, Beraldo said that OVS returned
to profit in 2014 - which will be proven when the books are
closed for the fiscal year.
"We will return to profit before this IPO," and 2015 will
be even stronger financially, said Beraldo.
OVS said it is aiming for a market capitalisation of just
over 1.2 billion euros in its stock market listing.
OVS will float a little less than half of its capital
through the sale of a maximum of 101 million shares, including
about 90% to institutional investors and the remaining for
retail investors.
Share price will range between four euros and 5.4 euros
with the retailer aiming to raise as much as 470 million euros
to be used to reduce debt.
Beraldo said that OVS, which is owned by upscale retailer
Coin, intends to grow its market share in Italy in order to
boost profits in 2015.
He added the company is also considering acquisitions to
increase growth.
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