Eataly plans to float 33% stake; Unicredit to act as global coordinator
Eataly, the private Italian food group, will float a 33% stake in its forthcoming IPO, according to Italian-language newspaper Milano Finanza. The report cited financial sources who said that the Eataly board is expected to draw up the details of the operation in the second half of October.
The report added that Unicredit will act as the global coordinator.
The item said that the IPO will consist entirely of a sale of existing shares with no capital increase taking place.
The report added that the IPO is expected to take place in 1H18
The report added that Eataly is controlled by the Farinetti family with a 57.94% stake held via the Eainvest holding. Tamburi Investment Partners [BIT: TIP] holding a 19.74% stake via Clubitaly.
The Group posted EUR 390m revenues in 2016, up 15% over 2015, 38% of which was generated in the US. The report said that the turnover this year is expected to be EUR 500m, while EBITDA is likely to be EUR 25m-EUR 30m.
The report said that preliminary estimates give Eataly an enterprise value of at least EUR 2bn.