Sanlorenzo IPO to move ahead

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Executive Chairman Massimo Perotti will use the IPO to repay most of Sanlorenzo’s debt.

Executive Chairman Massimo Perotti will use the IPO to repay most of Sanlorenzo’s debt.

Sanlorenzo said last week that it expects its shares on the Milan stock exchange on December 10. The Italian yacht builder is moving forward with its initial public offering after competitor Ferretti Group pulled its IPO in October, citing weak market conditions.

Sanlorenzo hopes to sell more than a third of its capital, up to 11 million new and existing shares. It is aiming for a valuation of up to $723 million.

Sanlorenzo Executive Chairman Massimo Perotti said the funds would be used to repay almost all its debt, which totaled about $96 million at the end of September. Perotti expects the company to report a net income of $68 to $72 million in 2019.

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