Shipyards are going public in Italy. Following the example of competitors from Sanlorenzo, the FerrettiGroup's management, during a press conference at the Cannes
Yachting Festival made a statement
plans to hold an initial public
The company's IPO will take place this autumn, probably in October.
«We don't need an IPO for financial reasons. We would like to do it for strategic reasons», noted Ferretti CEO Alberto Galassi.)
«If We will be listed on the Milan Stock Exchange," said Alberto Galassi, CEO of Ferretti. stock exchange», he added.
The share of
free float at the end of the IPO
share in the free float after the IPO can be 30-35%.
The Ferretti Group is currently 86.2% owned by the Chinese conglomerate Weichai Group and 13.2% bythe familyof billionaire Piero Ferrari.
Just a couple of weeks ago, Ferretti Group's majority shareholder, theWeichaiGroup,convertedits €212 million debt into share capital, while minority shareholder Piero Ferrari and financial group Adtech Advanced Technologies signed investment agreements providing for an infusion of €212 million into Ferretti S.p.A. for a total of €40 million through a share capital increase.
«This means that we are debt-free. In 2009 Ferretti had debts of approximately €1 billion, but today they are repaid», reported CEO Ferretti.