Italia Independent eyes Milan after successful IPO

Italia Independent, the sunglasses and quirky apparel brand founded by Lapo Elkann, grandson of the late Fiat patriarch Gianni Agnelli, went public in Milan AIM platform for small cap on 28th of June. Near a week after the flotation,

Elkann already thinks of taking over the larger Milan’s market.

Italia Independent went public at 26 euros per share, valuing the company at 57.5 million euros. The stock, listed on Milan's AIM platform for smaller companies, has been trading at rise, in the region of 29 euros, adding 15 percent from its IPO price.

"Luxury, in this case eyewear, is the only sector that has being doing well over the past two years," said Davide Carelli to Reuters, who's sales trader at brokerage Equita SIM, which acted as nominated advisor to Italia Independent in the IPO.

"If you look at the successful IPOs on the main Italian market in recent years, they are all in the luxury industry," Carelli said, referring to the likes of shoe-maker Salvatore Ferragamo and cashmere goods maker Brunello Cucinelli.

Lapo Elkann, founder of Italia Independent in which he has a 64 percent stake, said the aim was to list the company on Milan's main stock market at some point.

Elkann’s Italia Independent eyes Milan Market

Lapo Elkann’s group has been the first fashion company to trade on the AIM, a segment of the Italian Stock Exchange for small and medium-sized companies.

Elkann’s brainchild company is said to be valued around 70 million euros and the valuation includes the debt accumulated from its stock market debut, according to an anonymous source close to the transaction who told Reuters in early June.

The share volume came at 425,000 as advanced the Milan financial authorities earlier in June, offered to institutional investors. According to the company, the said volume was oversubscribed three times over. Another 100,000 shares would come from existing shareholders.