German fashion group Steilmann has announced the terms of its IPO, setting the price range for shares at €3.50 to €5 (£2.60 to £3.70).
The gross proceeds from the float on the Frankfurt Stock Exchange are expected to be around €83.1m (£61.5m), based on the mid-point of the price range.
Approximately 49% of the company’s post-IPO share capital will be placed.
The offer will start on October 13 and is expected to end on October 22.
Steilmann, which targets the over-45s market, sells clothing under womenswear and menswear brands Steilmann, Apanage, Kapalua and Stones. In the UK it also supplies jackets, trousers and shirts to Marks & Spencer.
The company will use the proceeds from the IPO to fund acquisitions, expansion of the distribution network and reduction of debt.
“We are offering interested investors the opportunity to invest in one of the leading vertically integrated apparel companies in Germany, which we believe is well positioned for future growth,” said Michele Puller, chief executive of Steilmann.
Steilmann is owned by the Italian Puller and Giazzi families and entrepreneurs Miro Radici, Edoardo Miroglio and Donato Martinelli. The owners will not be selling down shares in the company in connection with the IPO.