Ferretti, the famous group of luxury yachts, is preparing to make its return to the stock market with a double listing in Milan. The company has received the approval of the Italian Stock Exchange to list on Euronext Milan. The offer period is expected to start on 21 June and end on 22 June 2023, while the start of trading is scheduled for Tuesday 27 June. However, completion of the listing is subject to the necessary authorizations from Consob and the Stock Exchange.
Ferretti's return to the stock market after 23 years
This move scores a significant return for the Romagna nautical group, which controls prestigious brands such as Wally, Ferretti Yachts, Pershing, Itama, Riva, Crn and Custom Line. Ferretti had already been listed on the Milan Stock Exchange 23 years ago, in 2000, when it was still owned by Norberto Ferretti. However, two years later, the company was subject to a total buyout by private equity firm Permira, which led to its delisting. After listing ad Hong Kong in 2022, now also arrives in Milan.
Ipo: the actors and the numbers
The joint global coordinators and joint bookrunners for the offer will be Goldman Sachs International, JP Morgan e UniCredit, while Equita and Berenberg will only be joint bookrunners. For listing purposes, UniCredit will also act as listing agent. The company will have CICC as financial advisors and Gianni & Origoni, Shearman & Sterling and King & Wood Mallesons as legal advisors and salespeople.
The initial public offering (IPO) will include up to 88.454.818 shares, more than 20% of the share capital of the company. The tendered shares are expected to represent approximately 26,1% of the company's share capital in the event that the over-allotment option is not exercised and the sale in full of all tendered shares is effected. As head of stabilization, Ferretti should grant UniCredit a call option up to 8.845.482 additional shares at the offer price on behalf of the Joint Global Coordinators and the Joint Bookrunners. The shares offered, which represent approximately 28,7% of the company's share capital, will amount to approximately 97.300.300 if the over-allotment option is fully exercised.
