MILAN — Nice Footwear has kicked off its IPO procedures.
The Italian shoemaker plans to list on Euronext Growth Milan, the segment of the Milan Bourse dedicated to small and medium-sized companies, in the second half of November.
Established by entrepreneur Bruno Conterno in 2004, the Vicenza, Italy-based shoe company designs and produces shoes for a range of footwear firms, as well as for several in-house and licensed brands. They include ’80s soccer and basketball label Kronos, as well as Avirex, Ellesse, Conte of Florence, Lotto and Fred Mello, whose collections are designed, manufactured and distributed under license. Total production amounts to 1.5 million shoes a year.
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The public offering, which will be reserved to Italian and international qualified investors, will include shares issued through a capital increase of 5 million euros. The price range has been set between 9 euros and 11 euros per share and the pre-money equity value has been set at between 13.5 million euros and 16.5 million euros.
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“The listing on Euronext Growth Milan is a new goal on our growth path and represents a new strategic step to consolidate the upcoming and future expansion plans,” said Conterno, citing the recent acquisition of shoemaker Favaro Manifattura Calzaturiera as one of the group’s strategic achievements. “The group is ready for a new positioning aimed at creating an Italian high-end hub for the design and production of sneakers.”
Nice Footwear produces all its shoe collections in Chinese factories, which are coordinated by a local subsidiary that opened last year, and inside the company’s headquarters in Vicenza, the footwear firm develops the designs through the use of sophisticated, patented, 3D software. This, used together with virtual reality, offers precise renderings to clients.
Nice Footwear distributes its collections from two showrooms, both opened in 2019, which are located on Milan’s Via Montenapoleone and in Hong Kong.
The company’s expansion plan was supported in 2020 by the launch of a 3-million-euro mini-bond that has been subscribed by investment firm Finint SGR.
As of April 30, 2021, Nice Footwear closed the fiscal year with revenues of 21.1 million euros, with net profits of 879,000 euros and an 11 percent EBIDTA margin of 2.4 million euros, up 7.3 percent compared to the previous year.
Italy represents 54 percent of the company’s revenues, while Switzerland and France account for 23 percent and 14 percent, respectively.
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