Try the new FT.com

January 29, 2006 4:32 pm

Marazzi on the road for its IPO

  • Share
  • Print
  • Clip
  • Gift Article
  • Comments

Marazzi, the Italian company that is one of the world’s largest tile manufacturers, starts an investor roadshow on Monday for an initial public offering that could give the company a market value of about €1.25bn ($1.5bn).

The company’s principal shareholders are the Marazzi family, who founded the group in 1935. The family handed operational control to outside managers in 2004 and Michele Preda, a former media and telecommunications manager, is now chief executive.

Italy, though the world’s sixth-largest economy, is still principally powered by small, family-run enterprises. But generational change has prompted many to seek external help in recent years.

The family will still hold about 50 per cent of the shares after the IPO.

Private equity funds dominated by Permira are selling most of their 33 per cent holding and slightly less than €100m could be raised for investment by the issuance of new shares. The company’s priorities are acquisitions in China and expansion in the US.

Marazzi’s headquarters are in Sassuolo, near Bologna in northern Italy. The company says it is the leading tile producer in Europe with factories in Italy, Spain, and France.

It has a large presence in the US and is expanding fast in Russia. Sales in 2004 were €776m and might hit €900m when 2005 numbers are released.

Marazzi shares are scheduled to start trading on February 15. The price range was set this weekend at €10.25-€13 a share, people close to the process said. That gives the company a market valuation about 20 per cent lower than some estimates, the sources added, but at a price designed to attract investors and, it is hoped, create demand for the shares.

The IPO is being managed by Morgan Stanley and Italy’s Mediobanca. It will be one of the largest in Italy this year.

 

 

Copyright The Financial Times Limited 2017. You may share using our article tools.
Please don't cut articles from FT.com and redistribute by email or post to the web.

  • Share
  • Print
  • Clip
  • Gift Article
  • Comments
SHARE THIS QUOTE