Italian Design Brands (IDB) has kicked off the process for a initial public offering with the aim to list on the Star segment of the Euronext bourse in Milan, it said in a statement on Wednesday.

Founded in 2015 to promote a hub of high-quality Italian furniture and design companies, IDB has appointed Citigroup and Equita as joint global coordinators and joint bookrunners for the IPO, with Equita acting as sponsor.

The offer is expected to be completed by the first half of 2023, subject to market conditions and regulatory approvals.

The proceeds from the IPO will be used to fund growth, both organically and through acquisitions, it said.

In 2021, IDB reported a turnover of around 144 million euros ($151 million).

($1 = 0.9515 euros)

(Reporting by Agnieszka Flak; editing by Jason Neely)