MILAN — The Italian Stock Exchange has approved the public listing of Italian high-end children’s wear firm Monnalisa SpA on the Alternative Market of Capital segment. The first day of trading is expected to be Thursday.
WWD reported in May that the company, which marks its 50th anniversary this year, was eyeing an initial public offering. The procedures to list on AIM, which targets small and medium-size firms, are much faster and more streamlined than on the Bourse. Fiat heir Lapo Elkann’s Italia Independent is listed on this segment, for example.
Almost 1.3 million ordinary shares will be placed on the market, the majority of which following a capital increase, while controlling shareholder Jafin Due will place 54,500 out of the total. The share price has been fixed at 13.75 euros, with a capitalization of the company expected to total 72 million euros. Monnalisa will float 25.7 percent of the company.
Monnalisa is part of the Elite-Borsa Italiana group since April 2016, designed to help firms open up to outside capital through stock market listings, or by preparing them for sales to private equity.
In 2017, Monnalisa, which produces and distributes high-end children’s wear for children up to age 16 under the Monnalisa, Jakioo and Hitch-hiker monikers, reported sales of 47.7 million euros, up 18 percent compared with 2016. Earnings before interest, taxes, depreciation and amortization climbed 56.6 percent to 6.6 million euros and exports accounted for 67 percent of sales.
Chief executive officer Christian Simoni believes “that the IPO can further emphasize the expansion plan and the positioning of the group at the international level, favoring also a further jump in size.”
The global offer ended on July 6 with a highly positive performance, and Simoni expressed his satisfaction with this result. “The demand so clearly above the offer shows the market appreciates our entrepreneurial project.” He explained that the offer through a capital increase will help “accelerate the growth, also through an important plan of store openings in the next years. This for us is only a starting point and we are happy that our traveling companions are the main Italian institutional investors and some important international investors.”
The company distributes in more than 60 countries in Europe, the Americas, the Middle and Far East and Africa through 36 directly operated flagships, department stores including Harrods, Rinascente, Galeries Lafayette, Saks Fifth Avenue, Harvey Nichols, Bloomingdale’s and Sogo and in more than 800 multibrand stores. In 2016, Monnalisa set up controlled firms in Russia, China, Brazil and the U.S. in addition to Hong Kong, and branches in Spain and France.
The company was founded in Arezzo, in Italy’s Tuscany region, in 1968 by Piero Iacomoni and Barbara Bertocci. Iacomoni is the president of the company, which is privately held by his family and counts around 280 employees, while Bertocci is the creative director, heading a team of 30 people, flanked by fashion coordinator Diletta Iacomoni.