Floating a luxury yacht-maker
Following its flotation in Hong Kong (HK) in the previous year, our team enabled luxury yacht-maker Ferretti Group to become the first ever company with a dual HK/Milan listing. We acted as Joint Global Coordinator and Joint Bookrunner on the Milan listing, with the offer priced at €3 per share, giving the company a valuation of around €1 billion.
Ferretti Group is the global market leader in the design, construction and sale of luxury yachts and pleasure vessels. The company has established a long-standing reputation for exceptional quality and exclusive design, futuristic technology and supreme performance on the water. The Group owns a unique portfolio of prestigious brands among the most exclusive in the nautical world: Ferretti Yachts, Riva, Pershing, Itama, CRN, Custom Line and Wally, and it is the only nautical group in the world that manufactures and offers a wide range of models in all sizes: from 8-metre motor yachts to 95-metre-plus super yachts.
Ferretti Group is heir to Italy’s centuries-old yachting tradition, with a unique sales portfolio consisting of seven prestigious brands. It owns and operates seven shipyards across Italy, serving clients in over 70 countries worldwide.
As well as being the first HK/Milan dual listing, this landmark transaction was also the first follow-on priced at reference market price (implying a premium to Ferretti Group’s last closing price in EUR terms). Our team played a leading role, also acting as Listing Agent and navigating legal and operational procedures to allow fungibility of Milan and HK markets. Despite a subdued European IPO market, we once again demonstrated our strong advisory and capital markets capabilities, providing strategic support and unparalleled equity distribution.
Thanks to extensive early marketing and an intense investor education exercise, books were covered in less than one hour on the full deal size, with our UHNWI team bringing anchor commitments and the largest Italian order in the book – thereby once again playing a crucial role in leveraging our network and generating solid, long term and high-quality demand.
We design and manufacture the most beautiful yachts in the world, but inspiration alone is not enough. Behind it lies all the work without which we wouldn’t now be able to hold up these numbers, and I’m twice as pleased because we are listed on both the Hong Kong and Milan stock exchanges, a process that took just 15 months with UniCredit’s support: together, we’ve written a book that no one has ever written before and I’m certain that others will follow in our footsteps. With seven brands and seven shipyards, we offer a range of yachts ready to meet market demand across the globe.”
Ferretti Group CEO
We are now pitching more effectively than ever, with increased conviction and confidence, implying that we deserve to lead deals. The context was also important with Ferretti. In a booming market, all banks can show some degree of strength. It’s when markets are less supportive that you appreciate true advisory capability.”
Global Head of Equity Capital Markets
