MILAN, January 13 (Reuters) – Italian bicycle saddle maker Selle Royal Group announced plans to float on the Milan Stock Exchange on Thursday.
The group, which posted revenue of 205 million euros ($235 million) and basic profit of 36.4 million euros in the fiscal year ended June 30, is controlled by the Bigolin family, while private equity firm Wise Equity bought a 33% stake in May. Last year.
Selle Royal also owns the Brooks England and Crankbrothers brands and manufactures bicycle accessories and components.
The offering will consist of new and existing shares sold by both shareholders, the company said in a statement, without giving details on timing and size. He said he was targeting the Star segment of the Milan stock exchange, aimed at small and medium-sized companies, which requires a free float of at least 35% and sets stricter regulations on governance and liquidity.
The Bigolin family holding will retain control of the company after the IPO through a loyalty share plan.
Equita SIM and UBS Europe SE will act as joint global coordinators for the IPO. Capital For Progress Advisory is the financial advisor.
($1 = 0.8722 euros)
(Report by Elisa Anzolin)
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