Between 1.9 and 2.2 billion euros. The group of ready-to-wear SMCP <IPO-SMCP.PA>, bringing together the brands Sandro, Maje and Claudie Pierlot announced on Monday a price range indicative for its ipo in the range of 20 to 25 euros. The fixing of the final price is scheduled for 19 October and the first day of trading on 20 October, according to a press release from the group.
This ipo should enable the group “to support its strategy of growth and development and reduce its debt to increase its financial flexibility,” he said.
More than 500 million euros could be raised
The group, majority-owned by the conglomerate of chinese Shandong Ruyi intends to both issue new shares and sell existing shares within the framework of the transaction.
“The ipo of GSPC will include the issuance of new shares (…) for a gross amount of approximately $ 127 million, or net proceeds estimated to be approximately 121 million euros,” it said in a press release.
The gross amount from the sale of securities must report between 390 million and € 479 million, depending on the price of the ipo, excluding over-allotment option. By incorporating this option, the gross amount will reach 569 million.
The pricing is scheduled for 19 October and the listing of the shares SMCP will begin on 24 October.
Positioned on the luxury market said “accessible”, GSPC, whose dresses are sold between 250 and 300 euros, aims to become a world leader in this sector thanks to its development in Asia, mainly in China, where he intends to take advantage of the rapid expansion of the middle classes. His ascent in recent years is illustrated by the annual sales increase of 24% in average between 2014 and 2016 and profitability (gross operating surplus), an increase of 32.5 percent per year.
(with Reuters and AFP)