Ferretti Group withdraws IPO
Market conditions have not proved conducive to the desired enhancement of the company…
Ferretti S.p.A, the Italian superyacht manufacturing group, is withdrawing from its planned IPO. This news follows the announcement that Ferretti Group was extending the offer period relating to the private placement of the company’s ordinary shares to the close of Wednesday 16 October, citing ‘ongoing discussions with institutional investors’. The company’s first day of trading had been expected to commence on 21 October.
"Despite the appreciation shown by investors, especially Italian and Asian investors who have supported and believed in the company, excellence of the Made in Italy throughout the world, and despite the quality and number of received subscriptions, the deterioration of the conditions of the financial markets does not allow the Company to be properly valued," explains a statement from Ferretti S.p.A.
As a result of the aforementioned deterioration, Reuters has reported that the two euros per share price had fallen short of Ferretti S.p.A’s minimum expectation. It had previously been reported that Ferretti S.p.A had lowered its offering price range to €2.0-2.50 a share, from €2.50-3.70 a share.
As well as falling short of the desired share price, the Ferretti S.p.A’s valuation of €580 million was only marginally above the halfway point of the €1.08billion valuation that shareholders and the company had originally hoped to yield, Reuters reported.
"Considering its recent success story, led by the current management and thanks to the support of its shareholders, Ferretti Group will continue to pursue its development and growth objectives, considering the excellent equity, liquidity and commercial success conditions that are such as to allow the company to execute its business plan already fully financed by the shareholders and by the credit system, to which the company has a zero-debt position," continues the statement.
Click here to become part of The Superyacht Group community, and join us in our mission to make this industry accessible to all, and prosperous for the long-term. We are offering access to the superyacht industry’s most comprehensive and longstanding archive of business-critical information, as well as a comprehensive, real-time superyacht fleet database, for just £10 per month, because we are One Industry with One Mission. Sign up here.
SuperyachtNews spoke exclusively with Andrea Frabetti, CEO of Sunseeker, during MYS 2019 about the broadening of the British builder's core range
Is GYG's growing new build market share indicative of the superyacht industry's desire to professionalise?
At MYS 2019 one of the most pervading trends was the all encompassing dedication to sustainability
165 Wallypower hopes to modernise the fast open-yacht market