Sanlorenzo IPO due to proceed at €16 per share

Italian yard Sanlorenzo confirmed on Friday that it has priced the shares for its upcoming initial public offering (IPO) at 16 euros each, for which trading is scheduled to begin today. This brings the company's market capitalisation to 552 million euros, including a 72 million euro capital increase. According to a statement from the Group, if the greenshoe option is exercised in full, the free float will represent 35.1% of the company's share capital. This would mean that Executive Chairman Massimo Perotti would remain majority shareholder with control of approximately 60% of the Group's shares through via Holding Happy Life Srl.

Approximately two-thirds of the interest in the offering came from international investors and a third from Italian investors, according to the Group. The commencement of trading today is subject to final verification by Italy’s stock exchange, Borsa Italiana.