Dress Like Messi: Star’s Brand to Price IPO This Week
Soccer star Lionel Messi’s clothing brand is seeking to price its initial public offering this week, hoping a new year and the glow of Argentina’s World Cup victory will spark demand on Wall Street.The striker’s casual clothing line, The Messi Brand, is produced by MGO Global, which seeks to price 1.5 million shares at $5 a piece and join the Nasdaq Stock Market this week. At that price, the venture will have a market capitalization of $66 million.
Messi isn’t a shareholder in the business. Instead, he receives 12% of Messi Brand sales with a minimum guarantee of €4 million over the three-year global licensing agreement that ends in December 2024. MGO has no guarantee the license may renew at that time. So far, The Messi Brand business is relatively small: MGO sold $336,103 worth of goods in the nine months through September 2022, with a net loss of $2.1 million, according to the prospectus. It focuses on social media and influencers to drive visits to its online Messi store.
The offering is led by Boustead Securities, an Irvine, Calif., brokerage that brought Esports Technologies public in 2021.
Read full story – https://sports.yahoo.com/dress-messi-star-brand-price-195029509.html
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