Ferretti Group yachts will be listed on the Milan Stock Exchange on June 27.
26,1% of the capital is up for sale, but could rise to 28%. Market capitalization could reach one billion.
Ferretti's IPO on the Italian Stock Exchange is scheduled for June 27. The renowned luxury yacht group is returning to the Milan Stock Exchange after its listing in Hong Kong in 2022. The offering period will run from June 21st until June 22nd, 2023, unless extended or terminated early. Trading on Euronext Milan is scheduled to begin on Tuesday, June 27th. Completion of the listing is, however, subject to the necessary authorizations from Consob and the Stock Exchange.
The largest shareholder in luxury yacht manufacturer Ferretti is the Chinese group Weichai, which currently holds a 63,75% stake. Weichai is seeking to raise approximately €268 million through the offering of up to 88.454.818 shares, representing approximately 26,1% of the company's share capital. These shares are held and offered for sale by Ferretti International Holding, which controls the Riva, Pershing, Wally, Itama, CRN, and Custom Line brands.
The Chinese therefore intend to reduce their stake with the aim of attracting new investors from Europe and the Middle East. Although there is no official figure yet, the IPO price could be around 2,78 euros, not far from the value of the shares listed on the Hong Kong stock exchange.
The transaction also includes an over-allotment option equal to 10% of the shares subject to the offering, reserved for the Italian bank UniCredit, which is acting as stabilization manager on behalf of the joint global coordinators and joint bookrunners of the offering.
If the option were fully exercised, the total number of shares included in the offering would rise to approximately 97.300.300, equal to 28,7% of the share capital.
The offering will be directed exclusively to qualified investors in the member states of the European Economic Area, the United Kingdom, and foreign institutional investors outside the United States of America, in accordance with Regulation S of the United States Securities Act of 1933, as amended (the "Securities Act"). In the United States, the offering will be accessible only to qualified institutional buyers and will not be extended to jurisdictions where it is not permitted without the necessary authorizations from the competent authorities, in accordance with applicable laws and regulations.
Ferretti has had a complex history on the stock exchange. After being listed on the Milan Stock Exchange from June 2000 to January 2003, it was subsequently delisted. In 2019, it launched a new IPO, but the closing price, set at €2 per share, was deemed too low by its controlling shareholder, Weichai. Only in 2022 did Ferretti finally find the right opportunity to launch a public offering, but it chose to change its listing location, opting for Hong Kong instead of Milan. With a listing on the Italian Stock Exchange, the Ferretti group could reach a market capitalization of €1 billion.
