The Ferretti Group's debut on the Milan stock exchange was received rather cautiously by investors. On the first day of trading, the shares initially rose by more than four per cent to 3.14 euros. However, following an automatic trading halt, they fell 1.33 per cent below the issue price.
Ferretti was already listed in Hong Kong last year. Here too, Ferretti shares fell by 4.1 per cent to HK$24.6 at around 8 a.m. (local time). The shares are being offered in Milan at a price of three euros per share, giving the company a valuation of around 1 billion euros. This was reported by the news agency Reuters.
Ferretti's main shareholder, the Chinese conglomerate Weichai, sold 88,454,818 shares as part of the offering, realising proceeds of 265 million euros (equivalent to $288 million). Prior to the IPO in Milan, Weichai held a 65 per cent stake.
According to a statement from the yacht manufacturer, Czech billionaire Karel Komarek and Italian media entrepreneur Danilo Iervolino have invested in the company and acquired a total of ten per cent of Ferretti's share capital.
Today we are twice as happy: a year ago we were in Sarnico to celebrate our listing on the Hong Kong Stock Exchange, and now we are on Euronext Milan, the first and only group in the world - and not just in that one." - Alberto Galassi, Ferretti Group CEO
In the offering, Goldman Sachs International, J.P. Morgan and UniCredit were appointed as joint global coordinators and joint lead managers, while Equita and Berenberg acted as joint lead managers. According to UniCredit, this is the first time that a Hong Kong-listed share has received an additional listing on a European market.
Outlook for Ferretti on the European market
The company hopes that the dual stock exchange listing in Milan to strengthen its presence on the European market and expand its investor base.
With the successful dual listing and the valuation of EUR 1 billion achieved, Ferretti is taking a further step in its growth strategy and consolidating its position in the yacht industry.
What is a dual listing and what is it for?
A dual listing refers to the listing of a company on two different stock exchanges. It allows the company to be traded on two different markets at the same time. In this case, Ferretti is planning a listing in Milan in addition to its existing listing in Hong Kong.
It offers several advantages: Firstly, it increases visibility and access to a wider audience of investors. Secondly, it can increase the liquidity of traded shares as more potential buyers and sellers are available. Thirdly, a dual listing can also enhance the credibility and reputation of the company as it takes place on reputable stock exchanges.
With the dual listing in Milan, Ferretti is aiming for a stronger presence on the European market. It also enables investors from Europe to invest directly in the company and benefit from its potential growth.
About the Ferretti Group
The Italian yacht manufacturer claims to be a world leader in the design, construction and sale of luxury yachts and leisure craft. The company's portfolio includes well-known brands such as Ferretti Yachts, Pershing and Riva as well as Itama, Custom Line, Wally and CRN.
Ferretti was founded in 1968 when the Ferretti brothers became representatives of the American company Chris Craft and began marketing their motorboats: Thus Ferretti Nautica was born. Today, under the leadership of CEO Alberto Galassi, the Ferretti Group owns and operates six shipyards throughout Italy.
- Further information: www.ferrettigroup.com/de
