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    BMED   IT0004776628

BANCA MEDIOLANUM S.P.A.

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Delayed Borsa Italiana  -  11:35 2022-06-29 am EDT
6.402 EUR   -0.59%
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Shares in Italian yacht maker Ferretti end flat in Hong Kong debut

03/31/2022 | 04:56am EDT
FILE PHOTO: A Ferretti booth sits among yachts on display at the Singapore Yacht Show on Sentosa Island

HONG KONG (Reuters) - Shares in Italian yacht maker Ferretti SpA ended flat in their Hong Kong debut on Thursday after raising $244 million at a time when the Asian financial hub has seen a slump in the value of initial public offerings (IPOs).

The stock opened at HK$23.05, hit a high of HK$23.75, and closed at the intraday low of HK$22.85, down 0.1% from the offering price of HK$22.88 apiece with 8.02 million shares changing hands.

That compared to a 1.1% drop in the benchmark Hang Seng Index.

"(The company) is unique, but investors do not know much about this segment and they are not keen to go for it," said Steven Leung, a sales director at UOB Kay Hian.

"Flat performance is more or less expected when appetite for big IPOs is not particularly strong at the moment."

The yacht maker, which is owned by Chinese conglomerate Weichai Group and whose brands include Riva, Pershing and Wally, said on Wednesday it had pocketed a net HK$1.77 billion ($226 million) after pricing the IPO near the bottom of its target range.

Ferretti is a market leader for yachts measuring at least 80 feet, with a price tag ranging from 4 million euros ($4.5 million) to more than 20 million euros. Its customers include British fashion designer Jimmy Choo and former football star David Beckham.

The group sold 83.58 million shares, or 25% of its enlarged share capital, in the offering. The Hong Kong portion was 1.07 times oversubscribed, while demand for the international offering totalled more than twice the amount on sale, it said.

Italian investors led by Milanese asset manager Banca Mediolanum bought into Ferretti's Hong Kong IPO, which saw Chinese investors take the lion's share, a person with knowledge of the matter said.

Chinese firms Sunshine Insurance, Sanya Development Holdings, Hainan Free Trade Port Fund, Hainan Financial Holdings and Haifa Holding acted as cornerstone investors, taking 53% of the offering, Ferretti said.

(Reporting by Donny Kwok; Editing by Muralikumar Anantharaman, Sherry Jacob-Phillips and Jan Harvey)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BANCA MEDIOLANUM S.P.A. -0.59% 6.402 Delayed Quote.-26.24%
HONG KONG HANG SENG -1.08% 21745.52 Delayed Quote.-4.18%
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Financials
Sales 2022 2 132 M 2 232 M 2 232 M
Net income 2022 447 M 468 M 468 M
Net cash 2022 347 M 363 M 363 M
P/E ratio 2022 10,9x
Yield 2022 7,50%
Capitalization 4 719 M 4 941 M 4 941 M
EV / Sales 2022 2,05x
EV / Sales 2023 1,86x
Nbr of Employees 3 442
Free-Float 32,9%
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Last Close Price 6,40 €
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Massimo Antonio Doris Chief Executive Officer, MD & Director
Giovanni Pirovano Chairman
Anna Eugenia Maria Omarini Independent Director
Mario Notari Independent Director
Francesco Maria Frasca Independent Director