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Italian yachtmaker Ferretti launches US$302 million Hong Kong IPO as city weathers fundraising drought
- Ferretti, the first Italy-based business to list its shares in the city for 12 years, will start its public offering on Tuesday
- Controlled by state-owned Weichai Group, Ferretti has secured five cornerstone investors including Hainan government funds
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Ferretti, the Italian maker of luxury yachts controlled by Chinese state-owned Weichai Group, kicks off its Hong Kong initial public offering on Tuesday, targeting US$301.6 million.
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It is the first Italy-based business to list its shares in the city for 12 years.
The company, which makes vessels including super yachts of up to 312 feet in length, is selling 83.6 million shares at HK$21.82 (US$2.79 million) to HK$28.24 each.
The retail offering will end on Friday, and the listing on the main board under stock code “9638” is scheduled for March 31. There is an overallotment option to up to 12.5 million more shares if there is strong demand.
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Ferretti has already secured five cornerstone investors that have committed to put about US$130 million into the institutional tranche of the offering. They include local government-linked funds such as Hainan Free Trade Port Fund and Sanya Development Holdings. Other investors include Sunshine Insurance.
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