Books for the initial public offering (IPO) of Italian luxury sneaker maker Golden Goose were covered in full shortly after the offer opened on Thursday, with investor demand exceeding the entire deal’s size throughout the price range, bookrunners said.

Golden Goose, owned by private equity firm Permira, this week set a price range of 9.50 euros to 10.50 euros for the share listing, aiming at a market capitalisation of up to 1.86 billion euros ($2 billion), below earlier expectations.

The company was founded in Venice in 2000 and sells shoes for about 500 euros a pair. It has posted steady growth in the past few years, both in terms of revenue and core profit.

Sales grew on average 23% over the last three years, and they are expected to increase around 9% in the medium-long term.

The company’s IPO document acknowledged that a business that relies heavily on a single product category could represent a risk. Its growth plan, however, envisages expansion into categories including ready to wear boots and accessories.

At the end of last year, sneakers accounted for 89% of the group’s total net revenue, with sales of its Super-Star model making up 42% of the total.

The IPO prospectus listed among the company’s strengths its “highly engaged community” of customers but flagged its limited exposure to the Asia Pacific region as a weakness.

As luxury demand slows globally, Golden Goose said is well placed at the “optimal entry-to-luxury price point”, with its products appealing both to habitual luxury shoppers and to consumers approaching luxury for the first time.