(Alliance News) - Italian Design Brands Spa landed Thursday on the Milan Stock Exchange after a EUR70 million IPO that, if the over-allotment is exercised, would reach EUR80.5 million.

The free float is about 24 percent, with market capitalization of the Italian furniture and quality design hub being EUR293 million.

Andrea Sasso, president and CEO of Italian Design Brands, said, "On behalf of the entire IDB team, I am really proud of this important milestone we have reached together. We are the first wholly Italian group representing the high-end design sector to list on the Italian Stock Exchange. We hope to be a virtuous example for the Made in Italy companies that will want to follow us. For us, the Stock Exchange represents a new starting point in our development path, and after an extraordinary year, we are ready to accelerate the group's ambitious growth path."

Giorgio Gobbi, managing director of Italian Design Brands, added, "2022 was a record year for the group, both in terms of operations and turnover, which almost doubled compared to the previous year. We made two new acquisitions, adding a fourth strategic business area, in the Kitchen&Systems sector, and opened a New York-based subsidiary, dedicated to a steadily growing market like North America. The results we have achieved demonstrate the soundness of our project and the solidity of the path we have taken, which the listing, among our strategic objectives since our founding, will only encourage."

Italian Design Brands' stock is up 3.5 percent at EUR11.26 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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