In these hours the Italian business newspapers are receiving and publishing the announcement received by Ferretti Group regarding their upcoming IPO. According to a press note, the Italian group has confirmed the IPO with negotiations starting by the end of October. The IPO will consist (1) in the issuing of new shares, through which Ferretti aims at collecting 100 mln euro, but also (2) in the sale of the shares currently owned bu their shareholders (major shareholders: Weichai and Piero Ferrari through his family holding company).
As Mr Galassi has already announced in Cannes, in case of any IPO, the group will be listed in the Milan Stock Exchange, and today they have disclosed further details of the operation within the MTA market.
The IPO is made of by a primary offer of new shares and by a private placement (secondary offer) of the shares owned by their current shareholders addressed to institutional investors (excluding the US) and American Qualified Institutional Buyers. More details will be further disclosed.
A third step regards the offer of new shares to the top management of the company, key figures with strategic roles who will be able to buy the shares at a discount compared to the offer price.
The offer should be concluded by the end of October 2019: Barclays Bank PLC, BNP Paribas, Mediobanca – Banca di Credito Finanziario S.p.A. and UBS Investment Bank will act as Joint Global Coordinators and Joint Bookrunners. BNP Paribas will act as Sponsor.
With the IPO Ferretti aims at raising about 100 mln euros and has declared they are willing to use such an amount to support the growth and development goals of the company. Ferretti Group recorded revenues of EUR 600 mln in 2018, shoing a market share of 8% in the serial and semi-custom production.