Merrill Lynch and UBM, the Italian bank, are understood to have teamed up for the second time this year to lead an Italian initial public offering. The flotation of Geox, an Italian footwear company, is valued at around €375m ($463m).

The shoe company is believed to be valued at up to €1.5bn and plans to float around 25% of its share capital later this year. The two banks have been appointed to lead the flotation according to Milano Sinanza, the Italian newspaper. Lazard has an advisory role in the deal.