Superyacht Maker Ferretti IPO Books Said Covered at EU2 a Share
Superyacht Maker Ferretti Extends IPO Offer Period for 2nd Time
(Bloomberg) -- Ferretti SpA, the superyacht maker partially owned by the Ferrari family, has enough investor demand to cover the full size of its initial public offering at 2 euros per share, the bottom of its reduced price range, according to people familiar with the matter.
The company, which earlier Wednesday extended the offer period for its upcoming Milan listing, had lowered its offering price range to 2 euros to 2.50 euros a share, from 2.50 euros to 3.70 euros.
A significant portion of demand was coming from non-institutional investors in Asia and elsewhere, the people said. About 60% of the demand for the offering stems from the top five IPO investors, one of whom has enough appetite for 24% of the offering, while a second is considering about 16%, according to one person.
The Italian company, controlled by China’s SHIG–Weichai Group, prolonged the offer period by a day to the end of Wednesday, according to a statement. The first day of trading is still expected to be Oct. 21, it said.
This is the second time in less than a week that the company has extended the bookbuilding period, during which investors put in orders for an IPO.
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The 2 euro-a-share price corresponds a market value of 581 million euros ($641 million). Ferretti, which sells yachts under brands including Itama, Wally and Riva, was originally targeting as much as 1.08 billion euros in market value.
To contact the reporters on this story: Swetha Gopinath in London at sgopinath12@bloomberg.net;Katrien Van Hoof in London at kvanhoof@bloomberg.net;Chiara Remondini in Milan at cremondini@bloomberg.net
To contact the editors responsible for this story: Blaise Robinson at brobinson58@bloomberg.net, James Cone
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