Economic news

Yacht-maker Ferretti takes stock orders for Milan launch

2023.06.21 07:42


© Reuters. FILE PHOTO: Prospects sit in a Ferretti Riva yacht at the Singapore Yacht Show on Sentosa Island April 25, 2015. REUTERS/Edgar Su

LONDON (Reuters) -Italian yacht maker Ferretti, pursuing an additional listing of shares in Milan, started taking stock orders from investors on Wednesday, as the luxury sector defies a tough economic backdrop.

The company, which already trades on the Hong Kong bourse, plans to sell up to 97 million existing shares, representing around 28.7% of its share capital.

It expects to price and allocate shares among investors by the end of the week, with a view to debuting in Milan on June 27, according to a timetable of the deal.

One of the investment banks acting on the share sale said shortly after launch that indicated investor demand covered the full size of the transaction.

The broader economy has suffered from inflation, the lingering impact of pandemic and the Ukraine war, and a general lack confidence in other sectors has translated into a dearth of new listings, but European luxury stocks have boomed.

French group LVMH became the first company in the region to reach a market capitalisation of more than 500 billion euros ($545.80 billion) earlier this year.

Other overseas-listed European luxury and consumer brands have considered plans for a dual listing.

New York-listed beauty group Coty (NYSE:) announced plans last month to explore a dual listing in Paris, while Fashion house Prada (OTC:) has also considered listing shares in Milan.

Ferretti, which is controlled by Chinese conglomerate Weichai Group, completed its initial public offering (IPO) in Hong Kong just over a year ago.

($1 = 0.9161 euros)

Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 97,079.01 1.26%
ethereum
Ethereum (ETH) $ 3,416.91 1.27%
tether
Tether (USDT) $ 1.01 0.58%
xrp
XRP (XRP) $ 2.21 0.80%
bnb
BNB (BNB) $ 705.38 1.15%
solana
Solana (SOL) $ 192.20 1.33%
dogecoin
Dogecoin (DOGE) $ 0.322004 1.16%
usd-coin
USDC (USDC) $ 1.01 0.63%
staked-ether
Lido Staked Ether (STETH) $ 3,403.88 1.31%
cardano
Cardano (ADA) $ 0.89015 1.96%
tron
TRON (TRX) $ 0.260311 3.57%
avalanche-2
Avalanche (AVAX) $ 38.40 0.05%
the-open-network
Toncoin (TON) $ 5.82 2.15%
chainlink
Chainlink (LINK) $ 23.39 1.57%
wrapped-steth
Wrapped stETH (WSTETH) $ 3,997.34 0.18%
shiba-inu
Shiba Inu (SHIB) $ 0.000022 1.83%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 97,005.99 0.90%
sui
Sui (SUI) $ 4.35 0.41%
hedera-hashgraph
Hedera (HBAR) $ 0.291658 0.09%
stellar
Stellar (XLM) $ 0.364465 1.00%
polkadot
Polkadot (DOT) $ 7.18 2.40%
bitget-token
Bitget Token (BGB) $ 7.23 6.11%
weth
WETH (WETH) $ 3,411.02 1.04%
hyperliquid
Hyperliquid (HYPE) $ 26.89 8.44%
bitcoin-cash
Bitcoin Cash (BCH) $ 453.34 2.42%
leo-token
LEO Token (LEO) $ 9.22 2.79%
uniswap
Uniswap (UNI) $ 14.00 7.44%
litecoin
Litecoin (LTC) $ 105.54 0.70%
pepe
Pepe (PEPE) $ 0.000018 2.63%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,591.08 0.86%
near
NEAR Protocol (NEAR) $ 5.23 1.82%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.05%
usds
USDS (USDS) $ 1.01 0.93%
aave
Aave (AAVE) $ 348.80 2.12%
aptos
Aptos (APT) $ 9.15 0.91%
internet-computer
Internet Computer (ICP) $ 10.67 0.59%
crypto-com-chain
Cronos (CRO) $ 0.154136 2.06%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.494584 1.50%
mantle
Mantle (MNT) $ 1.21 2.11%
ethereum-classic
Ethereum Classic (ETC) $ 26.89 2.93%
vechain
VeChain (VET) $ 0.047954 0.70%
render-token
Render (RENDER) $ 7.40 2.76%
whitebit
WhiteBIT Coin (WBT) $ 24.88 1.07%
monero
Monero (XMR) $ 193.04 1.96%
bittensor
Bittensor (TAO) $ 483.40 1.52%
mantra-dao
MANTRA (OM) $ 3.69 0.69%
dai
Dai (DAI) $ 1.01 0.85%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.32 2.83%
arbitrum
Arbitrum (ARB) $ 0.781237 2.68%
filecoin
Filecoin (FIL) $ 5.13 2.09%