Superyacht Maker Ferretti Cuts Price Range for Milan Listing

(Bloomberg) -- Ferretti SpA, the superyacht maker partially owned by the Ferrari family, cut the price range for its upcoming Milan listing, reflecting a wider investor push back against initial public offerings in Europe.

The price range for Ferretti’s upcoming Italian listing has been cut to 2 euros to 2.50 euros per share, from 2.50 euros to 3.70 euros per share, according to terms seen by Bloomberg.

The price range corresponds to a post-capital increase in market value of 581 million euros ($641 million) to 727 million euros. The company was originally targeting as much as 1.08 billion euros in market value.

Ferretti is controlled by China’s SHIG–Weichai Group, which purchased 75% of the company in 2012. The heir of Enzo Ferrari, the founder of the iconic Italian supercar maker, bought about 13% of Ferretti in 2016.

New share sales in Europe have struggled to drum up enough interest this year. With the exception of some recent, high-quality listings such as EQT AB and TeamViewer AG, IPOs have been priced near or at the bottom end of their asking price ranges.

©2019 Bloomberg L.P.

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