MILAN — Italian accessories and luggage company Piquadro SpA kicked off an initial public offer Monday.
Piquadro, which makes its briefcases, backpacks and other products in China, does most of its business in Europe although it has a few stores in Hong Kong and Macau as well.
Piquadro is selling about 30 percent of its capital in an offer with a price range of 2.1 euros per share to 2.3 euros per share ($2.98 to $3.26 at current rates). Those prices value the company between 105 million euros and 115 million euros ($148.93 million to $163.11 million).
Piquadro, which posted sales of 35.7 million euros ($50.63 million) for the year ended March 31, plans to debut on the Milan stock exchange Thursday Oct. 25. The company joins growing ranks of luxury goods companies planning IPOs including jeweler Damiani SpA and Salvatore Ferragamo SpA.
As reported, Prada SpA is also expected to go public next year.