Italian shoe manufacturer Geox SpA is planning to launch an initial public offering in November in which it will float 25 per cent of its capital and could raise €200-400 million.

Weekly newspaper Il Mondo reported that the offer is expected to value the 10-year-old company at €1.2-1.3 billion, or nearly €5 per share.

Geox has hired Merrill Lynch and UniCredito to co-ordinate the share offering which should be approved by Consob, Italy's market regulator, in the first half of November.

In the first six months of this year, Geox' net profit doubled to €28 million compared with the same period of 2003.