IPO appetite is back in Milan

In the spite of the debt crisis, the appetite for IPOs is back at the Milan stock exchange. From fashion firms, to fund managers up to the green economy, the number of companies aiming or planning to go public increased in recent times. Brands such as Moncler, the luxury skiwear maker which could walk the stage of the Italian stockmarket as soon as later this year. Current shareholders, including French investor Eurazeo, fashion designer Remo Ruffini and private equity firm Carlyle, are said to be willing to list just the Moncler brand, which makes some 70% of sales of the entire group. The remaining brands, Henry Cotton’s, Marina Yachting, Coast Weber&Ahaus and 18CRR81 Cerruti, have in fact been split and put into a newco with the purpose of a separate disposal.

Anima too, a major Italian asset manager, is hinting at the stockmarket in the medium term. The group, created late in 2011 by the means of a merger between the asset management companies of Banca Popolare di Milano and Monte dei Paschi di Siena with the contribution of private equity firm Clessidra, which recently took over the fund managing business of local bank CreVal, is reportedly targeting the asset managing business of Genoa saving bank Carige as the last step in its growth path before launching a Public Offer.

Going public can be regarded as a demanding choice, but it could also offer the opportunity to defend independency while accelerating expansion abroad. As in the case of Pianoforte Holding, which owns the brands Carpisa and Yamamay, which plans to float its shares by 2015, when its exports share of sales is expected to reach the 40% level. That of Pianoforte Holding is a carefully prepared Ipo also because of the commitment of Banca Intesa, which currently owns a 10% equity in the company.

Among companies ready to play the listing card there is Green Power, a Veneto based group that provides services to the renewable energy industry, which is said having already drew its roadmap for the listing on the Aim, the Italian version of the London Alternative investment market. The company, since then little known outside the industry circles, hit the headlines in February 2013 when it sponsored an event to which took part former PM and television tycoon Silvio Berlusconi, who embarrassed a Green Power female employee as he came up with a with a sexual joke. The story made headlines for weeks and forced Enel Green Power, a much bigger company part of power giant Enel, to distance itself from the episode.

Always on the Aim is listed from July 2013 Italia Independent Group, a company created by the Agnelli family member Lapo Elkann which manufactures luxury sunglasses and provides marketing services to top Italian brands such as Ferrari, Rinascente, Borsalino and Vans.

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