Italian investors led by Milan-based asset manager Banca Mediolanum participated in the Hong Kong IPO of luxury yacht manufacturer Ferretti.
Defying international sanctions against Russia that have led to the seizure of mega-yachts owned by Russian oligarchs, luxury yacht maker Ferretti has successfully completed its 890 million euro IPO, two years after a previous attempt failed.
Ferretti said on Wednesday it had pocketed a net HK$1.77 billion ($226 million) from the deal. It will use the money to expand its portfolio of brands and strengthen services for its boat owners, it said. The group sold 83.58 million shares, or 25 per cent of its enlarged share capital, in the offer.
“If we take into account what is happening in the world today, our first stock market results are a real success,” said Alberto Galassi, CEO of Ferretti. “Currently we are one of the only Italian companies listed on the Pacific market. We are currently in a period of rapid growth and this dynamic is part of the internationalisation that we are currently undergoing. We believe very much in the future in Hong Kong,” he tells Bloomberg.
Chinese companies Sunshine Insurance, Sanya Development Holdings, Hainan Free Trade Port Fund, Hainan Financial Holdings and Haifa Holding acted as lead investors, taking 53 percent of the offer, Ferretti said.
Ferretti, whose brands include Riva, Pershing and Wally, is owned by Chinese conglomerate Weichai Group. Piero Ferrari, son of the founder of the eponymous luxury sports car company, Enzo Ferrari, owns 11% of the company and sits on the board.
Read also > ITALIAN YACHT MANUFACTURER FERRETTI PREPARES FOR AN IPO IN HONG KONG
Featured photo : © Ferretti
