Concentrated allocations for Cucinelli as IPO book 17x covered
Italian fashion firm Brunello Cucinelli allocated stock to only around one fifth of the 250 investors that put in orders in a 17 times oversubscribed, €158m, Milan IPO. The deal was priced at €7.75 a share on Monday, the top of the €6.75-€7.75 range.
Management closely managed the allocation process, giving stock to 50 investors 90% of them long-only accounts with five or six in a top tier. Two hundred investors were given zero, even some who had meetings on the roadshow.
The bookrunners were left on the sidelines when it
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