The Ferretti Group announced that it has gained new orders worth $510.1 million (465 million euros) during the first nine months of the year, up 18 percent compared to the same period in 2018. The Italian boatbuilder said in a statement that its Wally brand helped increase its order book. It also signed contracts for 16 coastal patrol boats in its Ferretti Security Division.
The company said it released five new models in its Riva, Pershing, Ferretti Yachts and Custom Line brands, and sold seven units of the new 48 Wallytender.
“These numbers seem to confirm our strategy of continuous renewal of our product range, our purchase and development of an exceptional brand such as Wally, and our expansion in the synergistic and a-cyclical FSD business,” said Ferretti CEO Alberto Galassi in the statement.
The Ferretti Group is listing about 30 percent of its stock in an IPO on the Milan Stock Exchange this month. The initial public offering values the group at up to $1.21 billion (1.1 billion euros). The confirmed offer price of the shares will be determined at the end of the offer period. 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.