The Ferretti Group has reversed its decision to float the company on the Milan stock exchange.
The company said the decision was due to "the deterioration of the conditions of financial markets", which would have resulted in it falling short of its "proper value". The company was due to be listed by the end of this month (October).
“Despite the quality and number of received subscriptions, the deterioration of the conditions of the financial markets does not allow the company to be properly valued," the company said in a statement.
The Group intended to use the IPO to raise an additional €100 million to “support the group’s growth and development objectives.”
The original decision to launch the IPO followed a period of sustained growth for the company, which saw it report €609 million in revenue in 2018, with an adjusted EBITDA of €53 million, up from revenues of €309 million in 2014.
The company also reported revenues of €332 million in the first six months of 2019, an 11% increase compared to the first six months of 2018, and an adjusted EBITDA of €30 million, up 29%.