Yacht maker Ferretti raises $243 mln in Hong Kong IPO – Reuters

Staff work on a yacht On the Ferretti shipyard in Sarnico, northern Italy, April 7, 2015. REUTERS/Stefano Rellandini

Register now Freed from cost limitless entry to Reuters.com

Register

SYDNEY, March 25 (Reuters) – Italian luxurious yacht maker Ferretti Group has worthd its shares at HK$22.88 every, the decrease finish of its proposed differ, To Increase HK$1.9 billion ($242.75 million) in its Hong Kong preliminary public supplying, Refinitiv’s IFR service reported on Friday.

The agency purchased 83.58 million shares, or round 25% of its complete equity capital, valuing the agency at Barely under $1 billion. A 15% greenshoe selection May even be An factor of the supply.

Braving uneven markets after a failed IPO try in Milan in 2019, it had set an indicative worth differ of HK$21.82–HK$28.24 per share for the float.

Register now Freed from cost limitless entry to Reuters.com

Register

The inventory market debut is scheduled for March 31.

Ferretti, which counts British Dressmaker Jimmy Choo and former soccer star David Beckham amongst its clients, is a market chief for yachts with worth tags from 4 million euros to Greater than 20 million.

The group is managed by Chinese language conglomerate Weichai Group and Pietro Ferrari, son of the eponymous luxurious sports activities automotive agency’s fobeneath Enzo Ferrari, owns 11%. Ferretti produces beneath manufacturers collectively with Pershing and Riva and owns six shipyards in Italy.

5 Chinese language cornerstone buyers – Sunshine Insurance coverage, Sanya Enchancment, Hainan Free Commerce Port Fund, Hainan Monetary and Haifa Maintaining – have invested An complete of $129.5 million. There is a six-month lock-up on the cornerstone buyers.

The IPO was automotiveried out whereas Hong Kong experiences primary market volatility As a Outcome of of Russian and Ukraine wrestle, rising worldwide Costs of curiosity and ongoing fallout from fixed Chinese language regulatory change.

Hong Kong’s Maintain Seng Index is down 6.2% for the yr And three.4% for March, Based mostly on Refinitiv knowledge.

Ferretti said it was assured The posh boat enterprise would Get up to any worldwide financial downturn created by unfolding geopolitical occasions.

It had said that it anticipated The worth of The worldwide yacht market to develop on common 7% a yr, reverying 27 billion euros in 2025, with demand strengthening notably Inside the Asia Pacific area.

($1 = 7.8270 Hong Kong dollars)

Register now Freed from cost limitless entry to Reuters.com

Register

Reporting by Scott Murdoch, further reporting by Giulia Segreti in Rome; Modifying by Kirsten Donovan

Our Requirements: The Thomson Reuters Notion Guidelines.

Source: https://www.reuters.com/business/retail-consumer/yacht-maker-ferretti-raises-243-mln-hong-kong-ipo-2022-03-25/

…….

nmprofetimg-602.png

Staff work on a yacht On the Ferretti shipyard in Sarnico, northern Italy, April 7, 2015. REUTERS/Stefano Rellandini

Register now Freed from cost limitless entry to Reuters.com

SYDNEY, March 25 (Reuters) – Italian luxurious yacht maker Ferretti Group has worthd its shares at HK$22.88 every, the decrease finish of its proposed differ, To Increase HK$1.9 billion ($242.75 million) in its Hong Kong preliminary public supplying, Refinitiv’s IFR service reported on Friday.

The agency purchased 83.58 million shares, or round 25% of its complete equity capital, valuing the agency at Barely under $1 billion. A 15% greenshoe selection May even be An factor of the supply.

Braving uneven markets after a failed IPO try in Milan in 2019, it had set an indicative worth differ of HK$21.82–HK$28.24 per share for the float.

Register now Freed from cost limitless entry to Reuters.com

The inventory market debut is scheduled for March 31.

Ferretti, which counts British Dressmaker Jimmy Choo and former soccer star David Beckham amongst its clients, is a market chief for yachts with worth tags from 4 million euros to Greater than 20 million.

The group is managed by Chinese language conglomerate Weichai Group and Pietro Ferrari, son of the eponymous luxurious sports activities automotive agency’s fobeneath Enzo Ferrari, owns 11%. Ferretti produces beneath manufacturers collectively with Pershing and Riva and owns six shipyards in Italy.

5 Chinese language cornerstone buyers – Sunshine Insurance coverage, Sanya Enchancment, Hainan Free Commerce Port Fund, Hainan Monetary and Haifa Maintaining – have invested An complete of $129.5 million. There is a six-month lock-up on the cornerstone buyers.

The IPO was automotiveried out whereas Hong Kong experiences primary market volatility As a Outcome of of Russian and Ukraine wrestle, rising worldwide Costs of curiosity and ongoing fallout from fixed Chinese language regulatory change.

Hong Kong’s Maintain Seng Index is down 6.2% for the yr And three.4% for March, Based mostly on Refinitiv knowledge.

Ferretti said it was assured The posh boat enterprise would Get up to any worldwide financial downturn created by unfolding geopolitical occasions.

It had said that it anticipated The worth of The worldwide yacht market to develop on common 7% a yr, reverying 27 billion euros in 2025, with demand strengthening notably Inside the Asia Pacific area.

($1 = 7.8270 Hong Kong dollars)

Register now Freed from cost limitless entry to Reuters.com

Reporting by Scott Murdoch, further reporting by Giulia Segreti in Rome; Modifying by Kirsten Donovan

Our Requirements: The Thomson Reuters Notion Guidelines.

Source: https://www.reuters.com/business/retail-consumer/yacht-maker-ferretti-raises-243-mln-hong-kong-ipo-2022-03-25/