Ferretti S.p.A., along with its subsidiaries, announced on 22 March the proposed listing of its shares on the Main Board of The Stock Exchange of Hong Kong Limited (SEHK). Ferretti S.p.A. plans to offer an aggregate of 83,580,000 shares under the Global Offering (subject to the over-allotment option), comprising an international offering of 75,222,000 shares (subject to adjustment and over-allotment option) and Hong Kong public offering of 8,358,000 shares (subject to adjustment), at a price range between US$2.79 and US$3.61 per offer share.

China International Capital Corporation Hong Kong Securities Limited is the sole sponsor and sole global coordinator for Ferretti S.p.A’s proposed IPO.

“Ferretti S.p.A. continues to grow as the world’s most influential luxury yachting group, driven by unique style, innovation, sustainability, and economic achievements,” comments Alberto Galassi, CEO and executive director of Ferretti S.p.A. “We will keep investing significantly in research and development to launch a number of new models every year, further broadening the product portfolio to meet the needs of a rapidly evolving market and the expectations of our very selective customers.

“We have a special focus on the ongoing development of new cutting-edge models, mainly in the high-potential made to measure category, with the aim of being a leading player in the most profitable segment of the market. In parallel, we will carefully explore new opportunities in the ancillary services such as brokerage, chartering, after-sales refitting and brand extension activities. Ferretti S.p.A. will continue to pursue its strategic mission to design, manufacture and deliver peerless masterpieces of the sea, crafting pure Italian luxury.”

During the track record period, Ferretti S.p.A. has achieved financial performance exceeding its annual target. As of December 31, 2018, 2019, 2020 and 2021, the business’ order backlog was €708.5 million, €751.9 million, €691.6 million and €1,015.8 million, respectively. The company’s net revenue was €615.4 million, €649.3 million, €611.4 million and €898.4 million, respectively, and the net profit was €30.7 million, €26.6 million, €22.0 million and €37.4 million, respectively. Moreover, between 2016 and 2020, the company’s net revenue increased at a CAGR of 5.2%, which outpaced the CAGR of the global yacht industry and consistently outperformed the market.

According to Ferretti S.p.A., the business is well-positioned to capitalise on the continuous expansion of the inboard yacht segment, its core market, while seizing growth opportunities in the fast-growing outboard and sailing yacht segments globally. In addition, the business is seemingly well-positioned to capture significant opportunities in other major geographies around the world while continuing to consolidate its leading position in EMEA. In particular, with a low level of penetration and favourable government policies in APAC, the business intends to “unleash its potential in APAC in the future, thus strengthening the Company’s leadership in the global luxury yacht industry”.

In addition, Ferretti S.p.A. has recently tapped into the global coastal patrol and rescue vessel industry with the launch of FSD (Ferretti Security Division), the security vessel business division, in February 2016. According to an industry consultant, the market size of the coastal patrol and rescue vessel industry is forecasted to further increase at a CAGR of 13.6 per cent to €11.2 billion from 2020 to 2025. Ferretti S.p.A is convinced that FSD has enabled, and will continue to enable, it to tactically capture the opportunities in this market.

The superyacht market has a chequered history with IPOs, however, Sanlorenzo has proven in recent years that it can be a successful mechanism for superyacht builders and with demand as high as it is at the moment for new projects, the timing for Ferretti S.p.A seems ideal.

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