Ferretti Picks Banks to Explore Secondary Listing in Milan

October 14, 2022

Yachting Journal

(Photo: Ferretti)

Italian yacht maker Ferretti SpA has picked UniCredit, Goldman Sachs and JP Morgan to explore a secondary listing on the Milan Stock Exchange next year, two sources close to the matter said on Friday.

The news was first reported by financial daily Il Sole 24 Ore.

Earlier this year Ferretti, which is owned by Chinese conglomerate Weichai Group and whose brands include Riva, Pershing and Wally, made its debut on the Hong Kong stock exchange after raising $244 million.

UniCredit and JP Morgan declined to comment, while Goldman Sachs was not immediately available for comment.

The group has not yet decided whether to pursue a listing at the beginning of next year or later, much depending on the markets, one of the sources added.

Ferretti Hong Kong-listed shares lost around 9% since their debut at the end of March, compared with a 25% drop in the benchmark Hang Seng Index.

The yacht maker's first-half revenues were up 30% to 642 million euros, with an adjusted core profit of 69 million euros.

(Reuters - Reporting by Elisa Anzolin, Editing by Louise Heavens)