Golden Goose turns around: the IPO is postponed. “Due to the volatility of the European market”, the company writes in an official statement, the decision to join the stock market will be “re-evaluated in due course“. Although no timeline was given, market sources speak of a postponement to 2025. Not affected, Golden Goose added that the market was now affected by the decision. The IPO price was set at 9.75 euros per share, in the lower end of the initial range.
This IPO is a no-go (for now)
In a surprise announcement, Golden Goose postponed its IPO. Friday, June 21, 2024 would have been the first trading day after a long preparatory set of activities, both for the completion of the bureaucratic process and on the financial front. The move was a highly anticipated one by investors, as shown by the fact that demand for shares had exceeded supply, though it must be said that the price of 9.75 euros was at the lower end of the expected range (between 9.50 and 10.50 euros per share).
What Golden Goose stated
Yet, the price per share does not appear to be the reason for the sudden turnaround. Golden Goose attributes its decision to the “significant deterioration of market conditions following this month’s European Parliament elections and the calling of general elections in France”. As a consequence, “the current market environment is not the right one to list the company”. According to a source quoted by WWD, the listing could be delayed until 2025. Golden Goose’s decision added pressure on luxury stocks these few days of trading.
587 million euros
In 2020, private equity fund Permira bought Golden Goose from Carlyle for 1.28 billion euros. With the listing set at 9.75, the company’s market valuation increased to 1.73 billion euros. In 2023, the company reported sales of 587 million euros, up 18% from 500.9 million euros in 2022.
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