Golden Goose Sets Share Price Range Ahead of Planned IPO
Milan-based Golden Goose Group has announced that the share price for its impending initial public offering (IPO) has been set between 9.50 and 10.50 Euros. This places the company’s market capitalisation at slated between 1.69 and 1.86 billion euros.
The company is planning to start its offering on June 13, ending on or before, June 18. According to plans, the final offer price is expected to be made public on June 19. Their IPO is geared towards strengthening the group’s capital structure, facilitating operational investments, and reducing the company’s debt, pegged at 480 million euros last year.
Astrum S.a.p.A, the current sole shareholder of Golden Goose, is set to float thirty percent of the capital. The private equity fund Permira acquired the company for 1.28 billion euros in 2020 from the Carlyle Europe buyout fund.
Invesco Advisers Inc, under the advisory of Invesco Ltd., is committed to acquiring shares at the final offer price amounting to 100 million Euros, serving as the cornerstone investors of the IPO.
The listing on Euronext Milan is still subject to final approvals from the Borsa Italiana and the Italian watchdog, CONSOB. Sources privy to the IPO process have noted the crucial role of Invesco’s involvement in the process, terming it a “cornerstone investor”.
Golden Goose is exercising caution on this journey, remaining attuned to the market’s feedback. Their pricing, according to internal sources, is structured to support post-IPO operations.
The company’s management is committed to the company’s growth with a long-term view, with this being a vital phase in its growth. This statement reiterates CEO Silvio Campara’s comments in an interview last month, where he said the listing was the “natural destination” and merely a starting point. He further confirmed his plans to reinvest all proceeds back into the business.
The company has also stipulated a 180-day lock-up period from the listing date for the selling shareholder and the company, and 360 days for selected members of management.
Golden Goose has highlighted its assets, from its distinctive market position, a consumer-centric strategy backed by a 1.5 million strong community, to the expansion of its direct-to-consumer channels since opening its first store in Milan in 2013.
The CEO, Campara, has endorsed the company’s vertically integrated, made-in Italy production model considering its handmade sneakers crafted by Italian artisans.
In tandem with the brand’s growth, sustainability has been a key driver. Its Forward Stores, which currently number five, offer repair services for products from any brand, along with remake, resell, and recycling services.
In its growth strategy, the company is banking on nurturing its leadership in sneakers, global brand visibility, expanding the group’s global reach, enhancing the brand’s consumer experience, and selective adoption of new categories.
From 2021 to 2023, Golden Goose reported a 23 percent annual growth in revenues and a margin of around 34 percent from earnings before interest, taxes, depreciation and amortization (EBITDA).
In 2023, Golden Goose recorded 587 million euros in sales, a leap of 18 percent compared to 500.9 million euros in 2022, with the first quarter reflecting revenues of 148 million euros, a surge of 11 percent compared to the same period in 2023.