Update: Ferretti Group debuts on Piazza Affari
Present at the bell-ringing ceremony in Milan was the top management of the luxury-yacht company, headed by Alberto Galassi…
For the Ferretti Group, “2023 was the best year and 2024 will be even better”, says CEO Alberto Galassi. Now “we have to continue the growth plan that is going very well”, he adds, explaining that the group will focus on acquisitions.
After a failed attempt in 2019, the Ferretti Group landed on the Italian stock exchange for the first time on 27 June. The go-ahead arrived for the dual listing (it is already listed in Hong Kong) with an offer price of €3 per share. In 2019, the offer price suggested by the banks was only €2 per share, below the range of between a minimum of €2.5 and a maximum of €3.7, and therefore not considered up to the true value of the Group, according to management.
Now the offer of €3 per share is not determined by a price range as in 2019 but is determined on the basis of the value of a single share listed on the Hong Kong Stock Exchange. It means that on the first day of trading at Piazza Affari, Ferretti’s share will boast a market capitalisation of €1 billion.
Alberto Galassi, Ferretti Group CEO, comments: “Today we’re twice as happy: a year ago we were in Sarnico to celebrate our listing on the Hong Kong Stock Exchange, and now we’re at Euronext Milan, the first and only group in the world – and not just in the luxury-yacht industry – to achieve this double listing in Asia and Europe. We come to this historic Tuesday in our best shape ever, riding the wave of outstanding results we continue to deliver as the market rewards us for making the most beautiful boats in the world. As always, Ferretti Group points the way and broadens the horizon.”
The proceeds of the offer amounted to €265 million and were allocated to Ferretti International Holding. In detail, the IPO attracted interest from leading Italian and international institutional investors, which will result in an expansion and strengthening of the company’s institutional shareholder base. Two anchor investors, Danilo Iervolino and Karel Komarek, subscribed to a total of 35.4 per cent of the total number of shares in the offer, representing approximately 10 per cent of the company’s share capital.
In particular, Iervolino, in addition to already being the controlling shareholder of the publishing house BFC Media and Espresso Media, and president of the Serie A football team Salernitana, becomes the second largest shareholder of the Ferretti group after the Chinese giant Weichai Power, as well as the first Italian shareholder, surpassing the share held by a historical partner of the company, Piero Ferrari.
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With the price set at EUR3 per share, the market capitalisation on the first day of trading will be approximately EUR1 billion
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