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Ferretti Group Confirms Move to Stock Exchange

Ferretti Group Confirms Move to Stock Exchange

The Ferretti Group has confirmed its intention to complete an initial public offering (IPO) and float the company on the Milan stock exchange.

The IPO will consist of a primary sale of newly issued ordinary shares and a secondary sale to institutional investors. In addition, new shares will be offered at a discounted rate to "key executives" in the group. The offering is expected to be completed before the end of October 2019, when the first day of trading is expected to take place.

The move comes after 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.

More recently, the company has 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%.

The announcement comes after the Cannes Yachting Festival, where the company revealed it had received an equity injection of €250 million. The investment was provided by the group’s two major shareholders, the Chinese Weichai Group and Piero Ferrari through F Investments.

The group said it intends to use the IPO to raise an additional €100 million, which it will use to “support the group’s growth and development objectives.”

While the move will see the issue of new shares, it will also see the sale of existing shares owned by these two main shareholders.

Following the share issue, Weichai Group will remain the majority shareholder of the company.

The Ferretti Group consists of eight brands – Ferretti Yachts, Riva, Pershing, CRN, Custom Line, Itama, Mochi Craft and the newly acquired Wally – between them producing a portfolio of 43 models.

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