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Ferretti Again Tests IPO Waters

1_FERRETTIIPO

The Ferretti Group has filed for an initial public offering in Hong Kong, seeking to raise approximately US$300 million.

The share offering is scheduled to launch March 31, according to filings with the Hong Kong Stock Exchange published yesterday.

Ferretti said it is investing to strengthen its regional positions in Europe, the Middle East, Africa and the Americas and to “further unleash our potential” in the Asia-Pacific region.

“We intend to meet the evolving demands in the luxury yacht industry, especially toward larger and more profitable yachts,” Ferretti said in the IPO prospectus. “We will adjust our product mix to strengthen our market positioning while preserving the exclusivity of our brands.”

Ferretti is offering 83.58 million global shares at an expected price range between HK$21.82 and HK$28.24, according to the prospectus. At the top end of that range, the IPO would raise approximately US$302 million at today’s exchange rate.

Ferretti had pursued an IPO on the Milan Stock Exchange in 2019 but withdrew the offering, explaining that the price was too low as a result of deteriorating market conditions at the time. The company said its 2022 valuation should not be significantly harmed by the fallout of Russia’s invasion of Ukraine.

Ferretti said it does not have pending sales to Russian oligarchs. The company is ceasing any sales to Russian or Ukrainian customers and does not source raw materials from those countries. In recent years, sales to Russian and Ukrainian buyers represented less than 3 percent of total revenue.

“Russian and Ukraine sales are deemed immaterial to our business, results of operations and financial condition as a whole,” the prospectus stated. “Furthermore, in the event of a customer default, we are able to freely resell the yacht to another customer.”

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