Gold dealer’s owner said to seek up to €500 million in Milan IPO

Gens Aurea SpA is gearing up for an initial public offering that could raise between €300 million ($351.3 million) and €500 million, according to people familiar with the matter, in what could be Milan’s largest first-time share sale in three years.

The cash-for-gold trader and its majority owner DVC Partners are considering launching an offering as soon as the coming months, the people said, who asked not be identified because the discussions are private. The offering may not raise any new funds for the company, with only shareholders selling shares, they said.

Gens Aurea is working with bankers at BNP Paribas SA and Jefferies Financial Group Inc. to arrange the transaction, the people said. UniCredit SpA will also help arrange the deal, they said.

No final decisions have been made, and the timing and structure of the deal remain subject to change, the people said. Representatives for DVC Partners, Jefferies and UniCredit declined to comment. Gens Aurea and BNP Paribas did not immediately respond to a request for comment.

Osnago, Italy-based Gens Aurea buys and sells gold and jewelry through multiple brands across Europe including Orocash and Superefectivo. It manages more than 10 tons of gold per year and has annual sales of over €855 million, according to its website. DVC Partners acquired the company in 2019.

Gens Aurea is one of a handful of companies considering going public before the investors break for the summer after the war in Iran prompted some issuers to shift their timetables to the autumn. Its IPO could be the largest to take place on the Milan bourse since Lottomatica Group SpA’s in 2023, according to data compiled by Bloomberg.

(By Pablo Mayo Cerqueiro)