Sanlorenzo, the Italian superyacht manufacturer, has announced the successful conclusion of the offering reserved for institutional investors (the “offering”) of its shares for listing on the Italian stock exchange. The offering price was set at €16.00 per share.

The offering comprises 4.5million newly-issued shares resulting from a capital increase with exclusion of pre-emption rights and 7.6million shares offered for sales by Holding Happy Life S.r.l., the company’s majority shareholder controlled by Massimo Perotti, executive chairman of Sanlorenzo, including 1.1million Over Allotment option Shares being subject to the exercise of the greenshoe option.

Based on the offering price, the total value of the transaction, including the greenshoe option, amounts to €193.6million and the resulting capitalisation of Sanlorenzo is €552million, including the €72million capital increase.

According to Sanlorenzo’s representatives, “the offering encountered strong interest by the Italian and international investor community, with demand at the offer price for approximately €290 million by leading qualified investors and particularly by long only ones. Approximately two thirds of the demand comes from international investors and about a third from Italian investors.”

In the event the Greenshoe Option is exercised in full, the free float will be 35.1% of the Company’s share capital. Holding Happy Life S.r.l. will hold 20,702,000 shares, corresponding approximately to 60 per cent of the total share capital.

 Trading of the ordinary shares began on Tuesday 10 December 2019.

Sanlorenzo trading on the Italian stock exchange is a positive step forward for the industry. As businesses such as GYG and Sanlorenzo trade successfully, it adds a level of legitimacy so far as investors are concerned that the market that has been lacking to date.

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Sanlorenzo - Cantieri Navali di Viareggio


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