Italia Independent IPO Seen in July

A market source said the procedure to publicly list the company is “moving faster than expected."

MILAN — Lapo Elkann’s Italia Independent Group SpA may make its debut on the AIM Italia Alternative Capital Market, a segment of the Italian Stock Exchange, on July 5, according to a document issued by the Italian Bourse. A market source, however, said the procedure to publicly list the company is “moving faster than expected, and the listing could take place even earlier than July 5.”

This story first appeared in the June 18, 2013 issue of WWD.  Subscribe Today.

Italia Independent has in the meantime been preadmitted to the AIM market, but the price range of the shares will be set closer to the initial public offering.

Elkann, an heir to Fiat’s Agnelli family, has been looking at developing the brand globally and to sustain growth.

Last year, the company reported sales of 15 million euros, or $19.2 million at average exchange, and it has plans to hit 30 million euros, or $39 million at current exchange, by 2015. Italia Independent offers men’s apparel and has collaborations with Vertu phones; Borsalino hats; Smeg kitchen appliances, and Ferrari for a tailor-made service, among others. Eyewear remains a key focus for Elkann, whose brand offers 200,000 customized variations of five models.

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