Gens Aurea: OroCash set for an IPO in July, targeting Germany and 750 shops by 2029 - FOCUS
Towards the OPV. First listing on the main market from 2023
OroCash, the network of “gold buyers”, is set to list in mid-July, having officially launched its initial public offering on the stock exchange; it is poised to become the first IPO on the main market of the Milan Stock Exchange since 2023. Gens Aurea, the name of the issuing company led by CEO Fabio Godano, reported turnover of 445.1 million in the first quarter, with adjusted EBITDA of 69.8 million and profits of 48.8 million euros, and aims to close thefinancial year with a turnover of 1.5 billion (836.3 million last year), over 200 million in adjusted EBITDA (up from 105.2) and over 130 million in net profit (67.9 million last year). Around 93 per cent of revenue comes from its core business of purchasing used gold from customers and selling the refined raw material to jewellers, technology companies and banks: in 2025, it handled over 11 tonnes of this. Business in the retail jewellery, investment gold and buyback sectors (in Spain and Portugal) remains modest.
Across the five countries where the group operates (Italia, Switzerland, Spain, Portugal and Austria), there are a total of 533 shops: 335 in Italia alone, where it generates 64 per cent of total turnover and holds a market share of 5 per cent in terms of the total number of outlets and 16 per cent by value (according to an April report by BDO). Greater visibility for the brands (OroCash, OroCaja, OuroCaixa and SuperEfectivo are the ‘gold buying’ brands; Luxury Zone, GioiaPura, Alfieri & St. John in the jewellery sector), selective acquisitions to expand the network of shops to 750 within three years, and entry into the German market are the objectives of the Borsa operation: Germany is an attractive target as it is the third-largest market in Europe (after Switzerland and Italia) in terms of per capita private gold holdings. Belgium, the Netherlands, Poland and Romania are the other geographical areas being targeted.
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