Moncler’s IPO Steps up the Pace of the Company’s Transformation
Moncler has announced its successful IPO on the Telematic Stock Market (Mercato Telematico Azionario (MTA)) of the Italian Stock Exchange (Borsa Italiana). When the placement period ended on December 11, 2013, the offering had been oversubscribed 31 times.
The issue price has therefore been set at the upper end of the range, amounting to €10.20 per share.
Should the overallotment option be exercised, ECIP M will own 23.3% of share capital and Eurazeo will own19.7% indirectly.
In the space of only two years, Eurazeo will therefore achieve an implicit multiple of 2.75x invested capital and generate proceeds of nearly €270 million if the overallotment option is exercised.
Virginie Morgon, Eurazeo’s Chief Operating Officer stated: “Moncler’s unique positioning and accelerated growth over these past two years have convinced investors and guaranteed the success of its stock market listing. This transaction confirms that Moncler is an outstanding brand which we will happily continue to support as it still holds superb development potential”.
With a diversified portfolio of over 4 billion euros in assets, Eurazeo is one of the leading listed investment companies in Europe. Its purpose and mission is to identify, accelerate and enhance the transformation potential of the companies in which it invests. Eurazeo is present in several private equity segments through its four business divisions – Eurazeo Capital, Eurazeo Croissance, Eurazeo PME and Eurazeo Patrimoine. Its solid institutional and family shareholder base, its lack of debt and its flexible investment horizon enable Eurazeo to support its companies over the long term. Eurazeo is notably either a majority or key shareholder in Accor, ANF Immobilier, APCOA, Elis, Europcar, Foncia, Moncler, Rexel, Fonroche Energie, 3SP Group, IES, Idéal Résidences, Péters Surgical, Cap Vert Finance, Léon de Bruxelles and Dessange International. Eurazeo is listed on the NYSE Euronext Paris. ISIN: FR0000121121 – Bloomberg: RF FP – Reuters: EURA.PA
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Moncler Initial Public Offering Successfully Priced
- Final offer price set at € 10.20 per share;
- The institutional demand at the Maximum Price was more than 31 times higher than the no. 63,460,000 shares offered to institutional investors, including overallotted shares.
- Total institutional demand amount was equal to over € 20 billion;
- First day of trading expected for Monday, 16 December 2013;
- The Company will have a market capitalization of € 2,550 million, based on the final offer price.
Moncler S.p.A. (the “Company”) announces that today the pricing of its Initial Public Offering has been successfully completed. The Company’s ordinary shares are expected to start trading on the Mercato Telematico Azionario (MTA), organized and managed by Borsa Italiana S.p.A. on December 16, subject to the issuance of the beginning of trading notice by Borsa Italiana S.p.A. At the Offer Price, the institutional book was over 31 times oversubscribed for a total institutional demand amount equal to over € 20 billion, before any demand from Italian retail investors and from investors participating to the Public Offer Without Listing in Japan.
The results of the Italian retail offering, which closed today at 1:30 p.m. CET, will be communicated subsequently.
Institutional demand came from leading international investors, with a broad geographical diversity, including US, European and Asian investors.
The Final Offer Price of Moncler S.p.A. ordinary shares was set at € 10.20 per Share.
The settlement date will be the same day as the start of trading, expected Monday, 16 December 2013.
The Joint Global Coordinators of the Global Offering are Goldman Sachs International, BofA Merrill Lynch and Mediobanca – Banca di Credito Finanziario S.p.A. Banca IMI S.p.A. is acting as Placement Manager for the Italian Public Offering while Mediobanca – Banca di Credito Finanziario is acting as Joint Lead Manager for the Italian Public Offering and Sponsor.
Banca IMI, JP Morgan, Nomura and UBS are acting as Joint Bookrunners and BNP Paribas, Equita SIM and HSBC are acting as Joint Lead Managers.
For Moncler, Claudio Costamagna and Lazard are acting as financial advisors, Latham & Watkins LLP are acting as the Italian and international legal advisors and KPMG are acting as auditors.
Linklaters are acting as the Italian and international legal advisors for the Joint Global Coordinators, the Joint Bookrunners and the Joint Lead Managers.
Moncler was founded in France, in Clermont, Grenoble, in 1952 and is currently headquartered in Italy. Over the years, Moncler has combined style with technological research by experts in mountaineering. Moncler collections combine the functionality of sophisticated outwear with the style of urban life. Remo Ruffini has been Chairman and Managing Director since 2003. Moncler produces and directly distributes Moncler clothing collections and accessories, including Moncler Gamme Rouge, Moncler Gamme Bleu, Moncler Grenoble and Moncler Enfant, through directly-operated boutiques and exclusive department stores and international multibrand stores.
For further information please contact:
Domenico Galluccio – Press Office
Tel. +39 02 42204425
Paola Durante – Investor Relations
Tel. +39 02 42204095
Italy: Image Building
Simona Raffaelli, Emanuela Borromeo
Tel. +39 02 89011300
International: Stockwell Communications
Laura Gilbert, Zoe Watt
Tel. +44 20 72402486
The distribution of this announcement may be restricted by law in certain jurisdictions and persons into whose possession any document or other information referred to herein should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.
This announcement does not contain or constitute an offer of, or the solicitation of an offer to buy, Ordinary Shares in any jurisdiction in which such offer or solicitation is unlawful. The offer and sale of Ordinary Shares referred to herein has not been and will not be registered under the Securities Act or under the applicable securities laws of Australia, Canada or Japan. Subject to certain exceptions, the Ordinary Shares referred to herein may not be offered or sold in Australia, Canada or Japan or to, or for the account or benefit of, any national, resident or citizen of Australia, Canada or Japan. There will be no public offer of the Ordinary Shares in the United States, Australia or Canada
This announcement may include statements that are, or may be deemed to be, “forward-looking statements”. These forward-looking statements may be identified by the use of forward-looking terminology, including the terms “believes”, “estimates”, “plans”, “projects”, “anticipates”, “expects”, “intends”, “may”, “will” or “should” or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. Forward-looking statements may and often do differ materially from actual results. Any forward-looking statements reflect the Company’s current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to the Company’s business, results of operations, financial position, liquidity, prospects, growth or strategies. Forward-looking statements speak only as of the date they are made.
Each of the Joint Global Coordinators, the Joint Bookrunners and the Joint Lead Managers (together, the “Managers”), the Company, the Selling Shareholders and their respective affiliates expressly disclaims any obligation or undertaking to update, review or revise any forward looking statement contained in this announcement whether as a result of new information, future developments or otherwise.
Acquiring investments to which this announcement relates may expose an investor to a significant risk of losing all of the amount invested. Persons considering making such investments should consult an authorised person specialising in advising on such investments. This announcement does not constitute a recommendation concerning the Global Offering. The value of shares can decrease as well as increase. Potential investors should consult a professional advisor as to the suitability of the Global Offering for the person concerned.
Each of the Managers, are acting exclusively for the Company and the Selling Shareholders and no-one else in connection with the Global Offering. They will not regard any other person as their respective clients in relation to the Global Offering and will not be responsible to anyone other than the Company and the Selling Shareholders for providing the protections afforded to their respective clients, nor for providing advice in relation to the Global Offering, the contents of this announcement or any transaction, arrangement or other matter referred to herein.
In connection with the Global Offering, each of the Managers, the Selling Shareholders and any of their affiliates, acting as investors for their own accounts, may purchase Ordinary Shares and in that capacity may retain, purchase, sell, offer to sell or otherwise deal for their own accounts in such Ordinary Shares and other securities of the Company or related investments in connection with the Global Offering or otherwise. Accordingly, references in the Prospectus, once published, or the Offering Circular to the Ordinary Shares being issued, offered, subscribed, acquired, placed or otherwise dealt in should be read as including any issue or offer to, or subscription, acquisition, placing or dealing by, each of the Managers, the Selling Shareholders and any of their affiliates acting as investors for their own accounts. The Managers do not intend to disclose the extent of any such investment or transactions otherwise than in accordance with any legal or regulatory obligations to do so.
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