Italian Design Brands is exploring the possibility of launching its initial public offering (IPO) on the Italian Stock Exchange in Milan, two sources familiar with the matter revealed on Friday. The company is expected to launch its IPO sometime during the second quarter of 2023.
One of the sources divulged that the network of high-end Italian furniture and design companies could look to go public as soon as April. Back in June 2022, Italian Design Brands announced that it had appointed U.S.-based investment giant Citigroup and Italian independent investment bank Equita to act as the global joint coordinators for the IPO.
At the start of 2022, Italian Design Brands appeared to be well-positioned to pursue its IPO, having reported revenues of 145 million euros ($158 million) in 2021 with a core profit margin of approximately 16%.
Market volatility caused by Russia’s invasion of Ukraine put a spanner in the works, however, with new issues such as rising interest rates and an energy crisis leading to a market stall.