Cover50 Seeking to Go Public

Cover50, the Italian trouser specialist that manages the high-end PT01, PT05 and PT01 Woman pants lines, kicked off its financial road show on Wednesday in Milan. The company is pursuing an initial public offering on the Alternative Market of Capital segment of the Milan Stock Exchange. About one million shares plus a 15 percent overallotment option, equal to a free float of 27 percent of the company’s share capital, will be put on the market. The total shares will be directed at Italian and foreign institutional investors (excluding those from the United States, Australia, Canada and Japan). The operation is valued at about 20 million euros, or $21.5 million at current exchange rates, of which 40 percent, roughly equal to 8 million euros, or $8.6 million, will go to the company. The Fassino family, which controls 100 percent of Cover50, will retain a 70 percent majority stake in the firm. The road show will end on Friday, when the share price will be determined, and trading is expected to begin in mid-May. BIM — Banca Intermobiliare di Investimenti e Gestioni SpA — is global coordinator and sole book runner. “This operation represents a strategic step for the growth of our company,” said Cover50 chief

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