The Ferretti Group has announced its intention to proceed with an initial public offering (IPO) and to list its shares on the Mercato Telematico Azionario (the Milan-based stock exchange), with the first day of trading expected to take place by the end of October 2019.
Photo: Justin RatcliffeAfter having recently completed an equity injection of approximately €250 million, and closing 2018 with revenues of over €600 million, the Group is looking to raise an additional €100 million from the issuance and placement of these new shares in the offering "to support the Group's growth and development objectives."
As well as the issuing of new shares, the offering from Ferretti will also consist of selling existing shares currently owned by their existing shareholders, with the two major shareholders currently consisting of the Weichai Group, one of the largest manufacturing groups in China which has invested in the Group since 2012, and Piero Ferrari, who has invested in the Group since 2016 through F Investments. The management team is currently led by Chief Executive Officer, Alberto Galassi, who has been at the helm since 2014.
These existing shares will be part of a private placement (secondary offer), addressed to institutional investors outside of the US (aside from American Qualified Institutional Buyers or QIBS).
In addition, Ferretti also explains that it will also offer its new shares to "certain key executives of the group at a discount to the offering price."
The final structure of the offering which be announced just prior to its completion, which is expected to take place by the end of October. Barclays Bank PLC, BNP Paribas, Mediobanca – Banca di Credito Finanziario S.p.A. and UBS Investment Bank will act as joint global coordinators and joint bookrunners, with BNP Paribas acting as sponsor.
Update: On 30th September, the Ferretti Group announced that the National Commission for Companies and the Stock Exchange (CONSOB) have now approved the prospectus relating to the admission of listing and trading of Ferretti's shares on the MTA, which is now available on the Ferretti Group website.