Highlights of luxury yacht builder Ferretti’s listing on the Milan Stock Exchange

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Already listed in Hong Kong, Italian yacht builder Ferretti has validated its dual-listing operation by joining the Milan Stock Exchange. The move has brought in new investors, such as Danilo Iervolino, who are keen to raise the profile of Made in Italy.

 

On Tuesday June 27, the dual listing of Italian luxury yacht builder Ferretti, which owns the Riva speedboat brand, came to a successful conclusion. Ferretti has joined the Milan Stock Exchange, the first time a Hong Kong-listed company has achieved a dual listing in Europe.

 

The transaction involved the sale of 88,454,818 shares, representing around 26.1% of the share capital. However, Ferretti has granted UniCredit, as stabilization manager, an option to purchase up to a further 8,845,482 shares at the offer price, representing around 10% of the maximum number of shares offered. Consequently, if the over-allotment option is exercised in full, the total number of shares offered will reach 97,300,300, or around 28.7% of the share capital.

 

Having gone public in Hong Kong last year, Ferretti has set the price of its offer for listing in Milan at 3 euros per share, valuing the company at around 1 billion euros ($1.1 billion). Angelo Meda, head of equities at Banor SIM, said the price was in line with the Hong Kong price.

 

On Tuesday, Ferretti shares in Hong Kong rose by 2%, reaching HK$25.25, or around €2.95.

 

New investors

 

During its IPO on the Milan Stock Exchange, Italian yacht builder Ferretti experienced a reversal of fortune, allowing its main Chinese investor to reduce its stake and new European investors to take a stake in the company.

 

The Chinese conglomerate Weichai, the main shareholder, sold shares representing 26.1% of the company’s capital for 265 million euros. Prior to the dual listing, the Chinese group had held a 65% stake in Ferretti for over ten years.

 

“Weichai strongly supports Ferretti’s development, promoting its growth worldwide and particularly in the Apac (Asia-Pacific) region”, said Chairman Tan Xuguang via video link.

 

Since the launch of Ferretti’s Milan listing, two new investors, Czech billionaire Karel Komarek and Italian entrepreneur Danilo Iervolino, have together acquired 10% of the company’s share capital.

 

Made in Italy

 

Mr. Iervolino, former Salernitana executive and editor-in-chief of BFC Media and L’Espresso, becomes Ferretti’s main Italian shareholder and second largest after the Chinese fund Weichai Power. The latter will hold over 5% of the company’s capital.

 

“I’m proud and happy to participate in the Ferretti project as a reference investor. The group owns some of the most prestigious brands in the nautical sector – Riva, Pershing and Itama – flagship brands of Made in Italy”, he declared. “I like the idea that listing in Italy coincides with the presence of an Italian investor. This is not just parochialism or a sterile narrative, but a way of saying that we believe in Made in Italy”.

 

Against a backdrop of tensions between the West and China, the Italian government has already intervened this month to limit the influence of Chinese shareholder Sinochem on tire manufacturer Pirelli.

 

Christian Basellini, Head of Italian, CE&EE and International Capital Markets at UniCredit, anticipated that other Hong Kong-listed companies might follow Ferretti’s example and seek a European listing. Fashion house Prada, for example, has expressed its intention to consider an IPO in Milan, in addition to its current listing in Hong Kong.

 

Read also >Italian yacht builder Ferretti on the road to a dual listing

Featured photo : © Ferretti Yachts [/vc_column_text][/vc_column][/vc_row][vc_row njt-role=”not-logged-in”][vc_column][vc_column_text]

Already listed in Hong Kong, Italian yacht builder Ferretti has validated its dual-listing operation by joining the Milan Stock Exchange. The move has brought in new investors, such as Danilo Iervolino, who are keen to raise the profile of Made in Italy.

 

On Tuesday June 27, the dual listing of Italian luxury yacht builder Ferretti, which owns the Riva speedboat brand, came to a successful conclusion. Ferretti has joined the Milan Stock Exchange, the first time a Hong Kong-listed company has achieved a dual listing in Europe.

 

The transaction involved the sale of 88,454,818 shares, representing around 26.1% of the share capital. However, Ferretti has granted UniCredit, as stabilization manager, an option to purchase up to a further 8,845,482 shares at the offer price, representing around 10% of the maximum number of shares offered. Consequently, if the over-allotment option is exercised in full, the total number of shares offered will reach 97,300,300, or around 28.7% of the share capital.

 

Having gone public in Hong Kong last year, Ferretti has set the price of its offer for listing in Milan at 3 euros per share, valuing the company at around 1 billion euros ($1.1 billion). Angelo Meda, head of equities at Banor SIM, said the price was in line with the Hong Kong price.

 

On Tuesday, Ferretti shares in Hong Kong rose by 2%, reaching HK$25.25, or around €2.95.

 

New investors

 

During its IPO on the Milan Stock Exchange, Italian yacht builder Ferretti experienced a reversal of fortune, allowing its main Chinese investor to reduce its stake and new European investors to take a stake in the company.

 

The Chinese conglomerate Weichai, the main shareholder, sold shares representing 26.1% of the company’s capital for 265 million euros. Prior to the dual listing, the Chinese group had held a 65% stake in Ferretti for over ten years.

 

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Already listed in Hong Kong, Italian yacht builder Ferretti has validated its dual-listing operation by joining the Milan Stock Exchange. The move has brought in new investors, such as Danilo Iervolino, who are keen to raise the profile of Made in Italy.

 

On Tuesday June 27, the dual listing of Italian luxury yacht builder Ferretti, which owns the Riva speedboat brand, came to a successful conclusion. Ferretti has joined the Milan Stock Exchange, the first time a Hong Kong-listed company has achieved a dual listing in Europe.

 

The transaction involved the sale of 88,454,818 shares, representing around 26.1% of the share capital. However, Ferretti has granted UniCredit, as stabilization manager, an option to purchase up to a further 8,845,482 shares at the offer price, representing around 10% of the maximum number of shares offered. Consequently, if the over-allotment option is exercised in full, the total number of shares offered will reach 97,300,300, or around 28.7% of the share capital.

 

Having gone public in Hong Kong last year, Ferretti has set the price of its offer for listing in Milan at 3 euros per share, valuing the company at around 1 billion euros ($1.1 billion). Angelo Meda, head of equities at Banor SIM, said the price was in line with the Hong Kong price.

 

On Tuesday, Ferretti shares in Hong Kong rose by 2%, reaching HK$25.25, or around €2.95.

 

New investors

 

During its IPO on the Milan Stock Exchange, Italian yacht builder Ferretti experienced a reversal of fortune, allowing its main Chinese investor to reduce its stake and new European investors to take a stake in the company.

 

The Chinese conglomerate Weichai, the main shareholder, sold shares representing 26.1% of the company’s capital for 265 million euros. Prior to the dual listing, the Chinese group had held a 65% stake in Ferretti for over ten years.

 

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