Gens Aurea is exploring a potential initial public offering, two sources familiar with the situation said.

The Italian broker of second-hand jewellery is working with BNP Paribas and Jefferies on a possible listing, the sources said.

Timing for a potential launch has yet to be determined, one source added, noting that the process remains at an early stage.

As the company continues discussions, more banks are in discussions for other roles, said the sources, with one expecting the addition of a third bank in a bookrunning role.

Demand for the equity story is supported by the recent rally in gold prices, with this type of business currently attracting strong investor interest, one source said.

Gens Aurea has expanded significantly through acquisitions in recent years. Acquisitions have been the main driver of the group’s growth, Chief Executive Fabio Godano said in a 2025 interview with CorriereEconomia.

The company is now expected to focus on organic growth and consolidating previously acquired businesses, according to the same report.

Gens Aurea reported turnover of around EUR 450m and EBITDA of EUR 52.9m in 2024, with a target to exceed EUR 600m in turnover by 2026, the publication said.

The group is backed by private equity firm DVC Partners (formerly Springwater Capital).

Gens Aurea, DVC Partners and BNP Paribas did not respond to requests for comment. Jefferies declined to comment.