Cucinelli sets restrained range, books open Monday
Italian luxury fashion house Brunello Cucinelli set a price range for its €138m-€158m Milan IPO after enjoying an “over-whelming response” in pre-marketing. Books will be opened on Monday with a price range that even at the top provides a discount to larger, more liquid peers such as Salvatore Ferragamo.
The deal, being run by Bank of America Merrill Lynch and Mediobanca, will sell 8m primary shares and 12.4m secondary shares in the base deal, with a 2.04m share secondary greenshoe at 6.75 to 7.75 each.
Cucinelli could have set the top end higher, said a banker close
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