The yachts dock at Piazza Affari. Sanlorenzo, the world's leading brand for the number of yachts over 30 metres, has received the go-ahead from Consob and Borsa Italiana to list on the Star segment. The operation was presented to the press in Milan: the offer is equal to 31,9% of the share capital, was launched on 27 November and will close on Thursday 5 December, with debut on the list probably on 10 December (the date must be confirmed by Borsa Italiana).
A maximum of are offered on the market 11 million shares, of which 4.500.000 newly issued shares deriving from a capital increase with the exclusion of the option right and 6.500.000 shares put up for sale by Holding Happy Life, majority shareholder and controlled by Massimo Perotti, executive chairman of Sanlorenzo. It is also expected the granting of the greenshoe option which could push the float to around 35,1% of the share capital.
As already communicated, the indicative valuation range of the company's economic capital, before the capital increase, is between 480 million and 570 million, equal to a minimum price of 16 euros per share and a maximum price of 19 euros, at which will correspond to a capitalisation, post capital increase, of between 552 million and approximately 656 million. The offering price of the shares will be determined according to the open price mechanism at the end of the institutional placement.
“The proceeds deriving from the capital increase – explained chairman Perotti at the press conference, confirming the note on the eve – are intended to be used by the company mainly to hedge net financial debt, as well as to support and accelerate the future path of organic growth and to seize market opportunities". Among the markets to be attacked, North America and Asia Pacific stand out, while the manager also said that Sanlorenzo "aims to distribute 30-40% of the profit to shareholders in 2020-21".
The Sanlorenzo company was founded in 1958 and is specializing in the construction of custom yachts: the main site of the shipyard is located in Ameglia, while the production of superyachts takes place in the La Spezia site. As part of the offer, Banca IMI (Intesa Sanpaolo group), BofA Securities and UniCredit Corporate & Investment Banking act as Joint Global Coordinator and Joint Bookrunner. Banca IMI also acts as sponsor for the admission to listing of the shares. Alantra instead acts as financial advisor to the company, while Lazard acts as financial advisor to the selling shareholder.
