The deal, which is contingent on a successful IPO, values
IDB's equity at 220 million euros ($241.3 million) and includes
an option for Tamburi to acquire an additional 20% stake.
IDB will now offer shares in its IPO at a fixed price of
10.88 euros, implying a market capitalisation of more than 290
million euros.
It is offering newly issued shares worth 70 million euros,
as well as some existing shares.
The company, whose brands include Gervasoni furniture and
Davide Groppi lighting, expects to start taking stock orders
from investors next week alongside the publication of the IPO
prospectus.
IDB's efforts come after a slow start to 2023's IPO activity
in Europe and the United States, after soaring interest rates
and economic uncertainty saw the market almost grind to a halt
last year.
Italian gambling firm Lottomatica, backed by Apollo Global
Management, priced its IPO at the bottom of its targeted range
last week and will debut on the stock exchange on Wednesday.
Bankers hope more companies will go public in the second
half of the year, encouraged by early movers like IDB and
Lottomatica.
($1 = 0.9119 euros)
(Reporting by Gianluca Semeraro, Francesca Piscioneri and Pablo
Mayo Cerqueiro
Editing by David Goodman, Keith Weir, Kirsten Donovan)
(Recasts headline and lead, adds context)
MILAN, May 2 (Reuters) - Italian Design Brands (IDB), a
hub of Italian furniture and lighting companies, said on Tuesday
it was carrying on with plans to list on the Milan bourse as a
new investor acquired a majority stake in its parent company.
Merchant bank Tamburi Investment Partners said late
on Monday it had agreed to buy 50.7% of IDB's parent
Investindesign from existing backer Private Equity Partners.
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