MILAN — Internet fashion retailer Yoox Group launched an initial public offering on Monday that could raise as much as 126 million euros, or $187.9 million at current exchange.
Shareholders in the Bologna, Italy-based company, which include venture capital firms Balderton Capital, Kiwi and Nestor 2000, are selling 24.3 million shares at an indicative price per share of between 3.60 euros, or $5.37, and 4.50 euros, or $6.71, through the end of November. If demand is high enough, a further 3.65 million shares will go on sale via an overallotment option, known as a greenshoe.
Goldman, Sachs & Co. and Mediobanca are managing the placement, which values Yoox at as much as 226.8 million euros, or $338.2 million. Shares will start trading Dec. 3 on the Milan Stock Exchange STAR segment for small companies.
Yoox operates the Yoox.com and Thecorner.com online multibrand stores and develops and runs 16 e-commerce sites for brands including Emporio Armani, Diesel, Dolce & Gabbana, Jil Sander, Valentino and Roberto Cavalli, whose online store goes live later this month. Yoox also offers Web marketing services and interactive design and digital experience services.
Yoox plans to use the proceeds of the IPO to consolidate its business and accelerate growth worldwide, including expanding in Asia, company founder and chief executive officer Federico Marchetti said at a presentation here Monday. This may involve small strategic acquisitions “for a few million euros” but “we have yet to identify anything,” he added.
In the first nine months of 2009, Yoox revenues increased 48.8 percent to 106.7 million euros, or $145.8 million at average exchange. Earnings before interest, taxes, depreciation and amortization reached 7.2 million euros, or $9.8 million, from 2.7 million euros, or $4.1 million, in the same period last year.