Gens Aurea to Launch Milan IPO Following Gold Price Highs and Record Revenues
Gens Aurea’s IPO Plans and Business Overview
IPO Announcement and Market Context
MILAN, June 22 (Reuters) - Italian cash-for-gold trader Gens Aurea said on Monday it is planning to list on the Milan stock exchange, marking what would be the first major initial public offering in the country in three years.
Impact of Gold Price Surge
The IPO process comes after gold prices surged to record highs in January, reaching a price of $5,595 an once.
Ownership and Share Offering Details
The group, owned by private equity firm DVC Partners, said the offering would consist of a private placement of existing shares.
Business Operations and Geographic Presence
Brands and Store Network
Gens Aurea operates through eight brands, including Orocash and OroCaja, running about 530 stores across Europe, mainly in Italy and, to a lesser extent, Spain. It also has operations in Portugal, Switzerland and Austria.
Core Business Activities
The company buys gold from retail customers and sells it primarily to European gold smelters, while also marketing investment gold and branded jewellery.
Financial Performance and Targets
Recent Revenue and EBITDA Figures
Gens Aurea reported revenues of €836 million ($959 million) last year, with earnings before interest, taxes, depreciation and amortisation (EBITDA) of €105 million. It is targeting revenues of €1.5 billion this year and an adjusted EBITDA of more than €200 million.
Strategic Goals of the IPO
Raising Profile and Shareholder Base
"(An IPO) will raise the group's public profile as a key enabler of recycle gold, strengthen brand awareness, and establish a broader base of long-term shareholders" said Gens Aurea Chair Inigo Barcaiztegui in a statement.
Advisors and Key Players in the IPO
BNP Paribas and Jefferies are acting as joint global coordinators, while UniCredit is co-global coordinator. Banca Akros is joint bookrunner and Alantra is lead manager.
($1 = 0.8719 euros)
(Reporting by Elisa Anzolin, editing by Alvise Armellini)
