This Italian Yachtmaker Is the First Luxury Brand to Be Listed on the Milan and Hong Kong Stock Exchanges
The Ferretti Group announced that it will be listed on the Milan-based stock exchange, the Euronext Milan, along with its current listing on the Hong Kong exchange. The group owns the luxury yacht marques Riva, Pershing, Custom Line, Ferretti Yachts, Itama, and the custom superyacht brand CRN.
The company celebrated the listing by positioning a Riva Anniversario outside the stock-exchange building in Milan’s Piazza Affari. Ferretti CEO Alberto Galassi said his company was “the first and only Group in the world—and not just in the luxury yacht industry—to achieve this double listing in Asia and Europe.”
On June 21, Ferretti started taking stock orders from investors in anticipation of the listing. The company, which is controlled by Chinese conglomerate Weichai Group, sold 97 million existing shares, or about 28.7 percent of its share capital, to investors.
Ferretti completed its initial public offering (IPO) in Hong Kong just over a year ago. In 2018, it attempted a similar IPO on the Milan exchange but had to scuttle it due to a lack of investor appetite.
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The dual listing is expected to provide growth capital moving forward as Ferretti continues to pursue an ambitious growth agenda that started shortly after Galassi became CEO in 2014. Its new launches were particularly strong during the pandemic: Ferretti grew the number of models across its different brands to 54 last year, up from 42 in 2021.
Recent launches include the Custom Line Navetta 38, Pershing GTX116, Ferretti Yachts 580, wallypower58X, and Wallywhy150. It also presented the first model of its new InFYnito range, the InFYnito 90, last January.
In May, the company reported an order backlog of $1.64 billion (1.5 billion euros), with an order intake of $337 million (or 307.5 million euros) for the first three months of the year. Ferretti said yacht orders rose 15.4 percent for its first quarter compared to the same period a year earlier, mostly on international orders.
The group also plans to launch multiple boats this year at the Cannes and Monaco Yacht shows, though it has yet to release the specific models.
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