Italian casual wear retail chain Ovs is expected to receive Consob‘s go ahead to ipo this week, MF-Milano Finanza writes today. However Ovs shareholders might decide to postpone the ipo in order to wait for a better window on the markets (see here a previous post by BeBeez).
Ovs then will act in a different way with respect to other awaited Italian ipos which where pulled in the last few weeks after international investors were keen to subscribe them at too low prices.
The companys is controlled by unique shareholder Coin, a leading Italian retail chain, which in turn is controlled by paneuropean private equity operator BC Partners , Italian private equity operator Investindustrial and Canadian Ontario Teachers Pension Plan.
Ovs ipo’s proceeds will be used to finance the company international growth under directions by Coin and Ovs’ s ceo Stefano Beraldo, Coin is actually expected to sell a 20-25% stake in Ovs’ s capital and Ovs will launch a capital increase of 250 million euros in order to reach a floating capital representing a 35-40% stake of the entire Ovs capital. The company is valued about 1.5 billion euros or 10x Ovs’s last ebitda.
Ovs business plan for 2014-2017 projects revenues to 1.47 billion euros from 1.2 billions in year 2013-2014 (fiscal year closes at the end of January) and ebitda to 198.8 millions from 150.3 millions with net profit to 63.7 millions from 15.8 millions. In the same period net financial debt is seen to drop ro 550.8 millioneuros down from 726.1 millions in year 2013-2014.