Italian mass-market retailer OVS has received the green light by Italy’s regulatory body Consob to proceed with its initial public offering. The company’s debut on the Italian Stock Exchange is expected by the end of the month, as reported, following a two-week road show and global offer to Italian and international institutional investors and retailers.
The listing will help OVS, which has 641 stores in Italy and 133 abroad, mostly in Europe, further expand its footprint. Gruppo OVS SpA, which is to be listed, also owns the Upim mass-market store chain, comprising 255 units nationally. The OVS group is controlled by Gruppo Coin, which is owned by private equity firm BC Partners. According to market sources, OVS will float 45 percent of its shares, for about 400 million euros, or $455.6 million at current exchange, following a capital increase of around 350 million euros, or $398.6 million.
OVS filed paperwork to be listed in January. The initial public offering of OVS was expected to take place by the end of 2014, but in November, citing market volatility, the group postponed the listing to the first half of 2015.