Italian yacht builder to hold IPO

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Sanlorenzo Chairman Massimo Perotti

Sanlorenzo Chairman Massimo Perotti

Sanlorenzo has filed a request to list on the Milan stock exchange, according to Reuters. The Italian yacht builder expects to hold an initial public offering this year.

Sanlorenzo Chairman Massimo Perotti told Reuters that he plans to float up to 35 percent of its capital, offering both new and existing shares to institutional investors.

"Proceeds deriving from the capital increase are intended to be used by the company mainly to foster and accelerate its future growth and to seize market opportunities," the group said in a statement.

Sanlorenzo expects net revenue from sales of new yachts of $473-502 million (430-456 million euros) for 2019, up from $391 million (355 million euros) in 2018, with core earnings (EBITDA) net of extraordinary items of $68-72.6 million (62-66 million euros), up from $42 million (38 million euros) last year.

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