Ferretti to sell 28.75% of shares ahead of Euronext Milano dual listing
Ferretti’s main shareholder, Chinese state-owned Weichai Group, will sell over a quarter (28.75%) of the group’s common stock as the yacht builder joins the Milan Stock Exchange (Euronext Milano) as part of its dual listing.
Weichai Group currently has a 63.75% stake in Ferretti , with the Italian shipyard currently listed on the Hong Kong Stock Exchange following its IPO last year. To support the listing’s liquidity, the owner will sell 28.75% of common stock, with this potentially rising with a greenshoe option (that allows the shipyard to sell more shares).
The shipyard said in a statement that it expects the potential dual listing to attract more investors and increase the trading volume of the shares, which would enhance the liquidity of the shares in the global market.
It added that whilst its positioning in Asia “remains strategic”, the listing would enable Ferretti to expand its investor base in Europe, the Middle East and the Americas, which make up the group’s core market.
Shares can only be bought by qualified investors in member states of the European Economic Area, the UK and the US. Foreign institutional investors outside the US are also permitted to buy shares in compliance with the US Securities Act.
Ferretti said the offering will take place immediately, once approved by economic authorities, albeit subject to market conditions. The shares on the Hong Kong Stock Exchange stand at HK$22.95 ($2.93) today (June 5th).
The update follows Ferretti’s strong report for the first quarter (Q1) of 2023 in which it reported a total order backlog of €1.5bn.