Investcorp will reduce its stake in the luxury goods chain Gucci Group to 70 per cent with a global offering of common shares to go ahead in October. The Manama-based investment bank announced on 28 September that Gucci had filed a registration statement with the US' Securities & Exchange Commission to list its shares on the New York Stock Exchange.

The global offering will comprise 13.5 million new shares issued by Gucci with a further 2.5 million common shares sold by Codia Holding, which currently owns a 100 per cent of Gucci and is itself controlled by Investcorp. The offer is expected to raise between $300 million-350 million, with 40 per cent raised internationally and a further 60 per cent from the US and Canada.

The roadshow for the issue began on 2 October. Pricing is expected in the 23 October, with allocation and trading due to begin in the same week. Morgan Stanley & Company is acting as global co-ordinator for the offering, with lead managers Morgan Stanley & Company International and CS First Boston.

Gucci's net income for 1994 was $17.3 million, on revenues of $263.6 million. Net income in the first half of 1995 was $24.8 million, on revenues of $206.2 million. Investcorp bought a 50 per cent stake in the firm in 1989, completing the acquisition in 1993.