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Italy’s Ferretti said on Monday it had been authorised to list its shares on the Milan bourse in an initial public offering that would value the luxury yacht maker at up to 1.08 billion euros ($1.2 billion).
By Reuters
Ferretti plans to list up to around 30% of its capital, with a little less than half of the shares deriving from a capital increase and the rest sold by investors Ferretti International Holding and F Investments.
CEO Alberto Galassi told Reuters earlier this month that the group aimed for a free float of 35-40% of capital.
The offer, reserved to institutional investors, will price shares at between 2.5 and 3.7 euros each and value the company at between 727 million and 1.076 billion euros following the new share issue, Ferretti said in a statement.
Ferretti, whose big-name clients include actor George Clooney, was delisted in 2003 and bought a decade later by Chinese conglomerate Weichai Group.
It posted a first-half core profit of 30 million euros on revenue of 332 million.
Barclays, BNP Paribas, Mediobanca and UBS are coordinating the offer.
Reporting by Valentina Za; editing by Jason Neely
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