off-the-wire

Italy's Ferretti working on dual listing, shareholders to meet on May 18

Kitco Media
By Reuters
Published:
Updated:
Reuters
MILAN, May 10 (Reuters) - Italian yacht maker Ferretti said on Wednesday it had been working on a potential dual listing that would see it float in Milan along with Hong Kong, as the group reported a 9.3% increase in first-quarter revenues. Ferretti, which went public in Hong Kong in March 2022, is aiming to launch a public offering of shares in Italy in June, depending on whether it gets the final approvals from the market authorities in time, two sources close to the matter said.


In the offering, China's Weichai Group, which currently owns 64% of the yacht maker, could sell roughly half of its stake, one of the sources added. Ferretti added that it had called a shareholders' meeting for May 18 to resolve upon the application for the potential dual listing and amendments to its existing by-laws, which are needed to allow its shares to be traded in the European Union.


Italy's Prada is also considering a potential dual listing in Milan, with the luxury fashion group's leading shareholder Patrizio Bertelli telling Reuters in March that the move remained an option though there were technical issues to resolve.


Ferretti, whose brands include Riva, Pershing and Wally, picked UniCredit , Goldman Sachs and JPMorgan as global coordinators to work on the IPO, sources told Reuters. The company, which currently has a market cap of $983 million ($983 million), said on Wednesday its sales totalled 280.3 million euros in the first quarter, against 256.4 million euros a year earlier. ($1 = $1.0000) (Reporting by Elisa Anzolin; Editing by Jan Harvey)

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