Ferretti, a historic group active in the design, construction and sale of luxury yachts, wants to be listed on the MTA of Borsa Italiana. The first trading day is expected by the end of October. The company, which has recently completed a capital injection of approximately 250 million euros, intends to raise about 100 million from the issue and placement of the new shares and wants to use this figure to face future growth and development goals.
The offer will consist of a sale of ordinary shares held by some of Ferretti’s shareholders, a sale to institutional investors outside the United States (including qualified investors in Italy) and qualified institutional buyers in the US.
In addition, Ferretti will also offer new shares to some managers with strategic responsibilities at a discount on the offer price, in relation to which there is also a custom over-rent option. As part of the offer, Barclays, Bnp Paribas, Mediobanca – Banca di Credito Finanziario and UBS will be joint global coordinators and joint book runners, while Bnp Paribas will also act as sponsor for listing purposes.
The company was encouraged to carry on the operation also by the economic and financial results of the first half, which confirmed the positive growth trend. Ferretti recorded revenues of 332 million euros and adjusted Ebitda of 30 million, with an increase of 11% and 26% respectively compared to the first six months of 2018. As of June 2019, the order portfolio rose to 653 millions of euros, an increase of 19% compared to June 2018.
The placement price of Ferretti was set at 2 euros per share. This is the news reported by Ansa, citing financial sources that indicate a prevalence of Asian investors. The first 5 buyers hold 60% of the entire offer, which was sold out.
Meanwhile, the date of Ferretti’s debut on the Telematic Market of Piazza Affari was also confirmed, a debut scheduled for October 21st.