Luxury yachtmaker Ferretti seeks approval for Milan listing

ITALIAN luxury yachtmaker Ferretti is seeking Hong Kong regulatory approval for its planned Milan share sale, in what is set to be the first dual listing between the two cities, sources said. 

Ferretti, which floated in Hong Kong last year, is expecting a decision from authorities in the Asian financial centre in the next few weeks, the sources said. It is considering listing in Milan as soon as the second quarter, they added. 

The company has been considering an offering of around 300 million euros (S$428 million) to ensure that there is enough liquidity for Italian investors, though it has not finalised the size of the deal, the sources said. Ferretti’s management has been informally gauging demand for the Milan share sale since late last year, the sources said. 

Goldman Sachs, JPMorgan Chase and UniCredit are leading Ferretti’s planned Milan offering as joint global coordinators, they added. 

Ferretti’s Hong Kong IPO last year raised US$257 million, as indicated by data compiled by Bloomberg. Prada, the Milanese maker of luxury clothing, is similarly considering a homecoming listing more than a decade after doing so in Hong Kong, potentially providing fresh life to the Italian IPO market. 

China’s Shandong Heavy Industry owns a controlling stake in Ferretti, while the founding family of Italian sports carmaker Ferrari is also an investor.

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Spokespeople for Ferretti, Goldman Sachs, JPMorgan, UniCredit and bourse operator Hong Kong Exchanges & Clearing declined to comment. Representatives for Shandong Heavy as well as Hong Kong’s market regulator, the Securities and Futures Commission, could not immediately be reached for comment outside regular business hours.

Ferretti operates six shipyards in Italy and sells yachts to customers in more than 80 countries, its website stated. The company’s brands include Ferretti Yachts, Itama, Wally, and Riva, which was made famous by celebrity owners such as George Clooney. BLOOMBERG