March 25 2022
25 Mar 2022
The Ferretti Group has launched a US$302m Hong Kong Initial Public Offering (IPO) early this week in a bid to finance future investments. This is the first time an Italian-based business has listed its shares in Hong Kong since 2010, and the offering is said to value the company between US$932m and US$1.2bn.
The shipbuilding conglomerate is expected to sell 25 percent of total capital equity, equating to 83,580,000 shares, comprising an international offering of 75,222,000 shares and Hong Kong public offering of 8,358,000, priced between HK$21.82 (US$2.79 million) and HK$28.24 a unit. The retail offer opened last Monday and will close on Friday 25th March, while the listing under the stock code “9638” is scheduled for the 31st March.
“Ferretti S.p.A. continues to grow as the world’s most influential luxury yachting group, driven by unique style, innovation, sustainability, and economic achievements,” Alberto Galassi, Chief Executive Officer and Executive Director of Ferretti S.p.A., commented. “We will keep investing significantly in research and development to launch a number of new models every year, further broadening the product portfolio to meet the needs of a rapidly evolving market and the expectations of our very selective customers.”
Galassi continued, “We have a special focus on the ongoing development of new cutting-edge models, mainly in the high-potential made to measure category, with the aim of being a leading player in the most profitable segment of the market. In parallel, we will carefully explore new opportunities in the ancillary services such as brokerage, chartering, after-sales refitting and brand extension activities. Ferretti S.p.A. will continue to pursue its strategic mission to design, manufacture and deliver peerless masterpieces of the sea, crafting pure Italian luxury.”
The Ferretti Group has already secured five cornerstone investors that have pledged a combined US$130m. The group plans to invest the IPO proceeds to develop areas of manufacturing, roll out new models and to bolster its after sales and brokerage services.
This is the second time that the Ferretti Group has attempted to go public. It had an unsuccessful attempt to float stocks on the Italian stock market in 2019 as the shareholders decided not to accept the proposed share price.
©️ By Alexander Griffiths / Superyachtimes