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On Tuesday June 27<\/strong>, the dual listing of Italian luxury yacht builder Ferretti<\/strong><\/a>, which owns the Riva speedboat brand, came to a successful conclusion. Ferretti has joined the Milan Stock Exchange<\/strong>, the first time a Hong Kong-listed company has achieved a dual listing in Europe.<\/p>\n <\/p>\n The transaction involved the sale of 88,454,818 shares<\/strong>, representing around 26.1%<\/strong> of the share capital. However, Ferretti has granted UniCredit, as stabilization manager, an option to purchase up to a further 8,845,482 shares<\/strong> at the offer price, representing around 10%<\/strong> 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.<\/strong><\/p>\n <\/p>\n 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,<\/strong> valuing the company at around 1 billion euros ($1.1 billion)<\/strong>. Angelo Meda<\/strong>, head of equities at Banor SIM, said the price was in line with the Hong Kong price.<\/p>\n <\/p>\n On Tuesday, Ferretti shares in Hong Kong rose by 2%,<\/strong> reaching HK$25.25, or around \u20ac2.95.<\/strong><\/p>\n <\/p>\n <\/p>\n 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.<\/p>\n <\/p>\n The Chinese conglomerate Weichai<\/strong>, the main shareholder, sold shares representing 26.1% of the company’s capital for 265 million euros<\/strong>. Prior to the dual listing, the Chinese group had held a 65%<\/strong> stake in Ferretti for over ten years.<\/p>\n <\/p>\n “Weichai strongly supports Ferretti’s development, promoting its growth worldwide and particularly in the Apac (Asia-Pacific) region”<\/em>, said Chairman Tan Xuguang<\/strong> via video link.<\/p>\n <\/p>\n Since the launch of Ferretti’s Milan listing, two new investors, Czech billionaire Karel Komarek<\/strong> and Italian entrepreneur Danilo Iervolino,<\/strong> have together acquired 10%<\/strong> of the company’s share capital.<\/p>\n <\/p>\n <\/p>\n 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.<\/p>\n <\/p>\n “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”,<\/em> 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”.<\/em><\/p>\n <\/p>\n 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<\/strong> on tire manufacturer Pirelli<\/strong>.<\/p>\n <\/p>\n Christian Basellini<\/strong>, 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<\/strong>, for example, has expressed its intention to consider an IPO in Milan, in addition to its current listing in Hong Kong.<\/p>\n <\/p>\n Read also >Italian yacht builder Ferretti on the road to a dual listing<\/a><\/p>\n Featured photo : \u00a9 Ferretti Yachts [\/vc_column_text][\/vc_column][\/vc_row][vc_row njt-role=”not-logged-in”][vc_column][vc_column_text]<\/p>\n <\/p>\n On Tuesday June 27<\/strong>, the dual listing of Italian luxury yacht builder Ferretti<\/strong><\/a>, which owns the Riva speedboat brand, came to a successful conclusion. Ferretti has joined the Milan Stock Exchange<\/strong>, the first time a Hong Kong-listed company has achieved a dual listing in Europe.<\/p>\n <\/p>\n The transaction involved the sale of 88,454,818 shares<\/strong>, representing around 26.1%<\/strong> of the share capital. However, Ferretti has granted UniCredit, as stabilization manager, an option to purchase up to a further 8,845,482 shares<\/strong> at the offer price, representing around 10%<\/strong> 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.<\/strong><\/p>\n <\/p>\n 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,<\/strong> valuing the company at around 1 billion euros ($1.1 billion)<\/strong>. Angelo Meda<\/strong>, head of equities at Banor SIM, said the price was in line with the Hong Kong price.<\/p>\n <\/p>\n On Tuesday, Ferretti shares in Hong Kong rose by 2%,<\/strong> reaching HK$25.25, or around \u20ac2.95.<\/strong><\/p>\n <\/p>\n <\/p>\n 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.<\/p>\n <\/p>\n The Chinese conglomerate Weichai<\/strong>, the main shareholder, sold shares representing 26.1% of the company’s capital for 265 million euros<\/strong>. Prior to the dual listing, the Chinese group had held a 65%<\/strong> stake in Ferretti for over ten years.<\/p>\n <\/p>\n […][\/vc_column_text][vc_cta h2=”This article is reserved for subscribers.” h2_font_container=”tag:h2|font_size:16|text_align:left” h2_use_theme_fonts=”yes” h4=”Subscribe now !” h4_font_container=”tag:h2|font_size:32|text_align:left|line_height:bas” h4_use_theme_fonts=”yes” txt_align=”center” color=”black” add_button=”right” btn_title=”I SUBSCRIBE !” btn_color=”danger” btn_size=”lg” btn_align=”center” use_custom_fonts_h2=”true” use_custom_fonts_h4=”true” btn_button_block=”true” btn_custom_onclick=”true” btn_link=”url:https%3A%2F%2Fluxus-plus.com%2Fen%2Fsubscriptions-and-newsletter-special-offer-valid-until-september-30-2020-2-2%2F”]Get unlimited access to all articles and live a new reading experience, preview contents, exclusive newsletters…<\/p>\n Already have an account ? Please log in<\/a>.<\/strong><\/p>\n [\/vc_cta][vc_column_text]Featured photo : \u00a9 Ferretti Yachts[\/vc_column_text][\/vc_column][\/vc_row][vc_row njt-role=”people-in-the-roles” njt-role-user-roles=”subscriber,customer”][vc_column][vc_column_text]<\/p>\n <\/p>\nNew investors<\/h2>\n
Made in Italy<\/h2>\n
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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.<\/h4>\n
New investors<\/h2>\n
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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.<\/h4>\n