The latest on Ferretti Group IPO

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The Ferretti Group plans to list about 30 percent of its stock on the Milan Stock Exchange this month. The initial public offering values the group at up to $1.21 billion (1.1 billion euros).

According to a story on MarketWatch.com, the confirmed offer price of the shares will be determined at the end of the offer period, which began yesterday. It is scheduled to be open until Oct. 10, though it is subject to an extension or early closure. The first day of active trading is expected to begin Oct. 16.

The selling shareholders have identified an indicative value ranging from $2.74 to $4.06 (€2.50 and €3.70) per share, which gives the group a valuation of between $797 million and $1.18 billion (€727 million and €1.08 billion).

Ferretti’s majority shareholder, the Chinese firm Weichai Group, holds around 87 percent of the shares. The story at MarketWatch.com noted that Weichai will reduce its shareholding but retain a controlling interest. Ferrari is the other main shareholder in the company.

The IPO listing said 2018 revenues for Ferretti’s Consolidated Group rose nearly 10 percent over the previous year to $685.5 million (€625 million), minus about $17.53 million (€16 million) in commissions and related costs.

In the first half of 2019, Ferretti Group’s revenues increased 11 percent to $364 million (€332 million), with an EBITDA of $33 million (€30 million), a rise of 25.7 percent compared to the same period a year ago. The value of the order book for the first half was said to be worth $716 million (€653 million), a 19 percent gain over the same period a year ago.

Ferretti said at the Cannes and Monaco shows that the proceeds from the IPO will support the group’s expansion faster than might otherwise be possible.

Weichai Group purchased Ferretti from financial distress in 2012. Under its ownership, the group paid off its debt and returned to profitability in 2016.

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