Ferretti floats on the Milan Stock Exchange

Ferretti started trading its shares on the Euronext Milan Stock Exchange yesterday (June 27th), with its initial public offering at €3 per share, for a valuation of €1bn. It closed the day at €2.98 a share.

The Italian shipyard’s debut on Euronext Milan follows the listing a year ago on the Hong Kong Stock Exchange.

“[Now], we’re twice as happy,” said Alberto Galassi, CEO, Ferretti Group. “A year ago we were in Sarnico to celebrate our listing on the Hong Kong Stock Exchange, and now we’re at Euronext Milan, the first and only Group in the world to achieve this double listing in Asia and Europe.”

The Italian shipyard’s anchor investors, Chimera Abu Dhabi, Danilo Iervolino and Karel Komarek have been allocated around 46% of the company’s offer shares. This is equivalent to around 13% of total shares.

Goldman Sachs International, J.P. Morgan, UniCredit, Equita and Berenberg acted as joint bookrunners for the offering.

Galassi added that the firm has come into the listing in its “best shape ever” following on from the firm’s positive results. “As always, Ferretti Group points the way and broadens the horizon,” he said.

The Italian new build sector has looked increasingly strong throughout this year. Publicly owned Italian shipyards Ferretti, Sanlorenzo and The Italian Sea Group (TISG) reported an increase in first-quarter (Q1) revenues from yacht sales, billion-euro backlogs and infrastructure investments.