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Ferretti planning to list next month
Posted on Monday, 16 September 2019 14:05
Italian yacht maker Ferretti intends to go public before the end of October through a flotation on the Milan Stock Exchange.

The company said it will list new shares and will also conduct a separate private placing of stock to existing investors.

Certain of Ferretti’s key executives will be able to subscribe for new stock at a discount to the offer price.

The firm hopes to raise around EUR 100.00 million from the deal, with proceeds having been earmarked for its ongoing growth and expansion.

Completion of the initial public offering (IPO) remains subject to market conditions, as well as the necessary approvals being received from Borsa Italiana and securities market regulator Commissione Nazionale per le Società e la Borsa.

Ferretti claims to be a world leader in the design, construction and sale of luxury motor yachts and pleasure boats under a range of banners, including Riva, Pershing, Custom Line and Wally.

The company’s customer base spans more than 70 countries worldwide, while it works with some 60 third party dealers.

This is not the first time Ferretti has carried out an IPO; it was publicly traded on the Italian Stock Exchange from July 2000 until January 2003, when it was acquired by private equity investor Permira for EUR 674.30 million.

A new listing was first reported back in March, when a source close to the situation told Reuters the firm was planning a return to the markets.

This was followed by an April report which posited that it could go public by the end of the year, although this now looks likely to be brought forward.

Only one IPO has been announced by a ship or boat builder worldwide this year, according to Zephyr, the M&A database published by Bureau van Dijk.

That transaction saw US-headquartered OneWater Marine file to raise USD 100.00 million through a listing on stock on Nasdaq.

© Zephus Ltd