LONDON/MILAN (Reuters) – Italy’s biggest toy maker Giochi Preziosi is working to list on the Milan Stock Exchange in the first half of 2020 after delaying the offering so it could acquire Spanish rival Famosa, two sources close to the matter said on Friday.
The initial public offering was expected in the first half of 2019 but was postponed due to the acquisitions of Famosa and smaller Italian plush toy maker Trudi, the sources said.
According to one source, Giochi Preziosi could be valued at around 700 million euros while the share offering could be worth some 250 million euros.
After buying Famosa in July, Giochi Preziosi now expects sales of around 700 million euros and core profit (EBITDA) of around 100 million euros this year.
That compares to sales of 403 million euros and an EBITDA of 57 million euros last year.
Giochi Preziosi, known for its Gormiti monster-like figures and Cicciobello dolls, has picked Banca Akros, Banca Imi, Barclays and Jefferies as bookrunners, while Rothschild is the financial adviser, the two sources added.
Giochi Preziosi is controlled by Italian entrepreneur Enrico Preziosi, who owns the Genoa football club.
Giochi Preziosi did not respond to a request for comment.
(Reporting by Arno Schuetze, Abhinav Ramnarayan and Elisa Anzolin, editing by Deepa Babington)