Italian Design Brands listed on the Stock Exchange on 18 May at 10.88 euro/share

Cube Labs Surace Stock market is an important milestone our

(Tiper Stock Exchange) – Italian Design Brands (IDB), the Italian hub of high quality furniture and design, has successfully concluded the offer period relating to the initial public offering (IPO) aimed at admission to trading of the Company’s ordinary shares on Euronext Milan, a regulated market and managed by Borsa Italiana.

On the base of Offer price, equal to Euro 10.88 per sharethe market capitalization of the Company at the start of trading of shares on Euronext Milan will be approximately €293 million.

The offer, reserved exclusively for qualified investors, has ad item no. 6,433,823 Shares of the newly issued Company at an Offer price of Euro 10.88 per Share, including the share premium, and therefore a value, including the share premium, of approximately Euro 70 million, deriving from a share capital increase with the exclusion of the right to option. Furthermore, the issuance of no. 275,735 newly issued Company shares in the context of a capital increase with the exclusion of the option right reserved for certain shareholders/entrepreneurs of certain companies controlled by the Issuer who have undertaken to subscribe at the Offer Price.

With the full subscription of the Capital Increases and prior to the exercise of the Greenshoe (as defined below), the Shares offered are equal to no. 6,433,823 Company Shares, corresponding to approximately 23.89% of the Company’s share capital following the listing and the Capital Increases.

The Offer also envisages the granting by Investindesign SpA, Elpi Srl, Fourleaf Srl, Amelia Pegorin and Giorgio Gobbi (collectively, the “Existing Shareholders” or “Option Shareholders”) of a so-called greenshoe option (the “Greenshoe”) in favor of Equita SIM SpA, as stabilization manager (the “Stabilization Manager”), on behalf of the Joint Global Coordinators (as defined below), for the purchase of a maximum no. 965,074 Shares, corresponding to approximately 15% of the maximum number of Shares subject to the Offer. The Greenshoe may be exercised, in whole or in part, within 30 days from the start date of trading of the Shares on Euronext Milan. In the event of full subscription of the Capital Increases and full exercise of the Greenshoe, the Shares offered will be equal to no. 7,398,897 Company Shares, corresponding to approximately 27.5% of the Company’s share capital following the listing and the Capital Increases.

The proceeds deriving from the Market Capital Increase will be used by the Company, among other things, to support the implementation of its strategic objectives.

The usual lock-up commitments are also envisaged by the Company and the Existing Shareholders vis-à-vis the Joint Global Coordinators (as defined below), effective for respectively 360 and 180 days after the Offer, in line with market practice and subject to the customary exceptions and waivers of the Joint Global Coordinators (as defined below).

L’start of negotiations of the Shares in Euronext Milan and the settlement date of the Offer are scheduled for the day May 18, 2023 subject to the release of the provision for the start of trading by Borsa Italiana.

Andrea Sasso, Chairman and CEO of the Companycomments: “We are really a lot satisfied and proud of the result achieved: in difficult times for the IPO market around the world, closing with a book of excellent quality and with a strong international presence is truly a great achievement”.

Giorgio Gobbi, Managing Director of the Companyadds: “And let’s not forget that the quotation is really an important factor starting point for the new growth path of the Group IDB”.

In the context of the Offer, Citigroup and Equita act as joint global coordinators and joint bookrunners (the “Joint Global Coordinators”). Equita also acts as Listing Agent for listing purposes.

Grimaldi Studio Legale and Cleary Gottlieb Steen & Hamilton LLP acted as counsel for the Company and Linklaters as counsel for the Joint Global Coordinators.

They also worked on the EY transaction, as an independent auditor; Studio Maisto as tax consultant; Epyon as consultant for the verification of non-accounting data; B1 Consultant Ltd as Roadshow Coordinator.

(Photo: © Simona Flamigni | 123RF)

tlb-finance