Ferretti Group Working on IPO in Hong Kong

International Boating Industry (IBI), a leading marine trades magazine, reported yesterday that the Italian yacht builder, Ferretti Group, is near to finalizing plans to have an IPO in Hong Kong. Ferretti Group is 87% majority-owned by the Shandong Heavy Industry Group Co Ltd, which is a Chinese state-owned multinational heavy machinery and automotive manufacturing business headquartered in Jinan, Shandong. 

Giovanni Bogetto, Ferretti’s Head of media relations, told IBI: “This is still being worked on and further details will be available in days.” It is anticipated that the IPO could go ahead in the first quarter of 2022 if agreed.

He did confirm that the US$100m amount suggested to be raised by Shandong Heavy industry mentioned in a report on Bloomberg.com was inaccurate. He remarked that Ferretti is a €1.2bn company and that the amount raised would be greater than the US$100m suggested.

The remaining 13% of Ferretti SpA is owned by the Ferrari family’s investment arm. Ferretti previously tried for an IPO with a listing on the Milan Stock Exchange in 2019 but it was aborted because of the weakness of the market at the time.

Ferretti Group owns eight brands which are constructed in at least six build facilities in Italy and sales made to over 70 countries. The group brands comprised CRN; Custom Line, Ferretti Yachts, Itama, Mocha, Pershing, Riva and Wally.