MILAN — Cover50 SpA, the Italian trouser specialist that manages the high-end PT01, PT05 and PT01 Woman pants lines and PT Bermuda collection, will debut on the Italian stock exchange on Wednesday. The firm will be listed on the AIM Italia Alternative Market of Capital segment, for small- and medium-sized companies. This is the second fashion IPO this year after the OVS retail chain in February.

A total of 1.04 million shares, of which 400,000 will be derived from a capital increase, are to be listed. An additional 156,000 shares are part of a greenshoe option to be exercised within 30 days from the first day of trading. The company is floating 23.6 percent of its capital, or 27.2 percent including the overallotment option. The price per share has been set at 18.60 euros, or $20.82 at current exchange.

The operation is valued at about 20 million euros, or $21.5 million, of which 40 percent — roughly equal to 8 million euros, or $8.6 million — will go to the company. The IPO will allow Cover50 to invest in its expansion globally, in particular in the U.S., where the firm’s collections are already sold in 32 stores, including Saks Fifth Avenue and Barneys New York. President Obama has been photographed wearing the brand’s designs, offering some additional visibility for the brand. Launched in 2005, PT01, the men’s high-end label, accounts for 70 percent of the company’s total sales. The women’s division, which launched in 2012, accounts for 10 percent of business, while PT05, the five-pocket pants range established in 2010, accounts for 20 percent. The listing is also meant to channel funds into boosting the women’s division.

The company closed 2014 with revenues of 24 million euros, or $29.28 million at average exchange, with an earnings before interest, taxes, depreciation and amortization margin of 29 percent.

The Fassino family, which controls 100 percent of Cover50, will retain a 70 percent majority stake in the firm. Pierangelo Fassino is president of the company and his son, Edoardo, is the chief executive officer.

Cover50, which sells in 40 countries, generates 60 percent of its sales outside Italy, notably in Japan, which represents 18 percent of turnover.

BIM — Banca Intermobiliare di Investimenti e Gestioni SpA — is global coordinator and sole book runner for the IPO.

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