Trading of Ferretti shares opened this morning on the Hong Kong Stock Exchange, with the share price settling near the low end of the stated range.
Shares of Ferretti closed at HK$22.80 per share in Thursday trading, resulting in a market capitalization of HK$7.63 billion, or approximately US$970 million. The initial public offering opened at HK$23.50 per share and rose to HK$23.75 before retreating below $23 on a day that the Hang Seng Index fell 1.06 percent.
Earlier this month, the estimated price range of the initial public offering was forecast to be between HK$21.82 and HK$28.24, according to documents.
Ferretti had said it would use to the proceeds of the IPO to expand operations and focus on producing larger yachts.
Click here for Ferretti’s opening-days results.