Luxury yacht maker Ferretti SpA’s main shareholder, China’s Weichai Group, is looking to raise about €268 million ($292 million) as part of a Milan stock offering as it pursues a dual listing.
(Bloomberg) — Luxury yacht maker Ferretti SpA’s main shareholder, China’s Weichai Group, is looking to raise about €268 million ($292 million) as part of a Milan stock offering as it pursues a dual listing.
The holder is looking to sell up to 26.1% of the group’s share capital in the offering, according to a statement Tuesday. That could rise to 28.75% if there’s enough demand to allocate more shares. Ferretti’s stock has gained about 13% in Hong Kong since its March 2022 listing.
Chinese conglomerate Weichai Group, through Ferretti International Holding S.p.A., currently has a 63.75% stake in the yacht maker. The company’s brands include Ferretti Yachts, Itama, Wally and Riva, made famous by celebrity owners including George Clooney.
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The founding family of Italian sports carmaker Ferrari NV is also an investor in the company. Ferretti’s new stock is set to commence trading in Milan on June 27, subject to necessary authorizations.
Ferretti’s Hong Kong IPO last year raised $257 million, according to data compiled by Bloomberg. Prada SpA, the Milanese maker of luxury clothing, is similarly considering a homecoming listing more than a decade after doing so in Hong Kong, potentially providing a fresh boost to the Italian IPO market.
Goldman Sachs Group Inc., JPMorgan Chase & Co. and UniCredit SpA in cooperation with Kepler Cheuvreux are joint global coordinators, while Equita and Berenberg are joint bookrunners.
–With assistance from Chiara Remondini.
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