After the debut of Sanlorenzo and the strategic withdrawal of Ferretti Group, the company headed up by Giovanni Costantino has started its own bid for public listing on the stock exchange.Photo: Justin RatcliffeAccording to the Italian financial newspaper Milano Finanza, Costantino has chosen the merchant bank Ambromobiliare as strategic advisor and the law firm Dentons as legal consultants and started the process of selecting the coordinator banks with the intention of floating Italian Sea Group in the second half of the year, probably in October (although the current unstable nature of Italian politics may well delay the process).
Costantino’s aim for the Italian Sea Group IPO is to define a global offer to ensure a free float of at least 35% that would land the company in the Star segment of Borsa Italiana’s equity market dedicated to mid-size companies with a capitalisation of less than €1 billion.
The company behind the Admiral and Tecnomar brands and NCA Refit is making the bid based on earnings in 2019 that reportedly closed with a consolidated turnover of €84 million, an EBITDA (earnings before interest, taxes, depreciation, and amortisation) of €6.90 million, and a net profit of €1.27 million with 9 yachts under construction.
There is still no indication of a possible enterprise value (EV), a measure of a company’s total market value often used as a more comprehensive alternative to equity market capitalisation. For that comparison would have to be made with a listed competitor company, namely Sanlorenzo, the much larger enterprise floated by Massimo Perotti at the end of last year.
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