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Highlights
- Italian cosmetics group Intercos confirmed its IPO plans on Monday. It will list on the Milan Stock Exchange this month.
- Intercos had earlier planned an IPO in H1 2020 but deferred it due to the pandemic
Italian cosmetics supplier Intercos confirmed its initial public offering (IPO) plans on 11 October, stating the largest beauty product supplier in Italy will list on the Milan Stock Exchange (MSE), as early as this month.
Intercos had earlier planned on going public in the first half of 2020 but was forced to pause its IPO plans due to the pandemic impact on market. The latest listing confirmation comes after media reports last month suggested Intercos was reconsidering a potential IPO.
Intercos IPO
Intercos said the free float requirement of the exchange will be met through a private placement for the EU and UK based qualified investors, as well as foreign institutional investors.
The private placement would lead to an increase of up to EUR 60 million worth of new ordinary shares, with the sale of existing ordinary shares from Intercos’ shareholders like the US-based private equity firm L Catterton and Ontario Teachers’ Pension Plan controlled trust.
L Catterton holds a 34 per cent stake in Intercos, while the Ontario Teachers’ Pension Plan holds a 21 per cent stake in the group.
According to the company’s statement, Dario Ferrari, who is Intercos’ founder and majority shareholder, plans to maintain control of Intercos following its IPO by adopting an increased voting rights system.
Dario Ferrari holds a little over 44 per cent stake in the company.
Intercos had been targeting a market valuation of up to EUR 1.5 billion for its IPO in 2020. However, the company said in its Monday statement that its final IPO size would be disclosed closer to its listing date.
The company plans to use the funds from the listing to help achieve its growth and strategic initiatives.
Investment banks UBS, BNP Paribas, Morgan Stanley and Jefferies have been appointed as the joint global coordinators for the IPO deal.
UK based financial services company Rothschild has been appointed as the financial adviser for Intercos, while Italy based financial firm Cornelli Gabelli e Associati has been hired as the financial adviser for Intercos’ controlling shareholders.
The company’s FY 2019 revenues stood at EUR 713 million, and its adjusted core profit in FY 2019 was EUR 116 million.
