OVS ready for IPO, listing on Milan stock market in March

(ANSA) - Milan, February 16 - 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.