Sanlorenzo Confirms IPO at €16 a Share
by Miranda Blazeby
Sanlorenzo is to begin trading on the Italian stock exchange today after confirming its initial public offering (IPO) at €16 a share.
The offering comprises 4.5 million newly-issued shares resulting from a capital increase and 7.6 million shares offered for sale by Happy Life Srl, the majority shareholder, which is controlled by Sanlorenzo executive chairman Massimo Perotti.
The pricing will bring Sanlorenzo’s total market capitalisation to €552 million, including the €72 million capital increase.
The float represents 35.1% of the company’s share capital, meaning Perotti, through Happy Life Srl, will retain a majority shareholding of 60% following the sale.
The yard said it had “encountered strong interest” from the “Italian and international investor community”. It estimated that two thirds of the demand will come from international investors with a third from Italian investors.
Perotti said: "Today we have reached an important objective, and we are very proud of this achievement. I would like to thank all the members of our team who have supported us in this voyage. Listing on the stock exchange represents a fundamental step for Sanlorenzo, and a new starting point for growth and development on international markets.”
The commencement of trading on the market is subject to verification by Borsa Italiana, the Italian stock exchange.
It comes after Sanlorenzo returned to 100% Italian ownership in January.