Fincantieri to float?

Fincantieri could float almost half of its existing shares on the Italian Stock Exchange as part of a government initiative to sell off state-owned assets. Fincantieri’s owner Cassa Depositi e Prestiti (CDP), a state finance institution that owns holding company Fintecna, pitched the proposal to shareholders at a meeting staged on 5 May. And the following day the company formally applied to be listed.

According to multiple reports in the financial media, the offering could raise up to €600 million of additional capital, for a company with a reported order book of €4.9 billion. And among the companies coordinating the sell-off are heavyweights Credit Suisse, JP Morgan and Morgan Stanley.

This news follows a momentous period for Fincantieri in which the Italian builder launched 140m Victory in April, a vessel that hit the water among the 10 largest superyachts in the world. Victory is the fourth Fincantieri yacht and follows 146m Capricorn, 68.19m Destriero and 134m Serene.

SuperyachtNews.com contacted Fincantieri regarding the IPO but the company was unavailable for comment.

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