Sunglass firm Italia Independent was established by the grandson of former Fiat chairman Gianni Agnelli. Now, its shares would be traded in the Milan bourse starting June 28.
This was confirmed by the Milanese exchange last Wednesday. The company is originaly based in Turin, Italy and manufactures eyewear with frames utilizing diverse materials to form them. Amongst the many materials used range from carbon fiber to velour.
The company is said to be valued around Eur70 million or US$91.52 million. This 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 would be at 425,000, offered at Eur0.26 per to institutional investors. According to the company, the said volume was oversubscribed three times over. Another 100,000 shares would come from existing shareholders.
The company is run by Lapo Elkann, the flamboyant brother of former Fiat chairman John Elkann. The brand competes with other companies in the sunglass market, established names such as Luxottica and Safilo.
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