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Ferretti intends to go public in Hong Kong at the end of March 2022.
Italian luxury yacht builder Ferretti intends to go public in Hong Kong at the end of March via an initial public offering that could be worth between $400 million and $500 million. The group, controlled by Chinese conglomerate Weichai Group, is targeting a free float of around 25%.
Ferretti is currently meeting with investors in Europe and Asia. But the deal is not yet closed as stock markets around the world are disrupted by geopolitical turmoil due to the threat of all-out war in Ukraine.
The Italian group listed on the Hong Kong Stock Exchange in late December, with investment bank CICC as its sole sponsor, but details of the IPO were not disclosed. “We intend to respond to the changing demands in the luxury yacht industry, particularly toward larger and more profitable yachts,” Ferretti says.
In 2019, the group had attempted to go public in Milan but ultimately withdrew because it was not satisfied with the price. At the time, the group was chasing a valuation of up to 1.08 billion euros.
In 2021, the group’s revenues amounted to 669 million euros for the first nine months, with an order backlog of 984 million euros and an adjusted net profit of 84 million euros, more than double that of the previous year. In the past two years, Italian rivals Sanlorenzo and The Italian Sea Group have entered the Milan Stock Exchange.
Read also > FERRETTI CONSIDERS AN IPO IN HONG KONG
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Ferretti intends to go public in Hong Kong at the end of March 2022.
Italian luxury yacht builder Ferretti intends to go public in Hong Kong at the end of March via an initial public offering that could be worth between $400 million and $500 million. The group, controlled by Chinese conglomerate Weichai Group, is targeting a free float of around 25%.
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Ferretti intends to go public in Hong Kong at the end of March 2022.
Italian luxury yacht builder Ferretti intends to go public in Hong Kong at the end of March via an initial public offering that could be worth between $400 million and $500 million. The group, controlled by Chinese conglomerate Weichai Group, is targeting a free float of around 25%.
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