Sanlorenzo eyes valuation of up to €656 mil in IPO

MILAN: Italian luxury yacht maker Sanlorenzo aims for a valuation up to €656 mil (RM3.02 bil) in its initial public offering (IPO) set to start on Nov 27, aiming to shrug off a dismal season for stock market listings.

Sanlorenzo said on Nov 26 that it would offer shares at between €16 and €19 each in its IPO, aiming to value the company at €552-656 mil after a planned capital increase which is part of the offering.

Yacht maker Ferretti and professional audio system group RCF pulled their IPOs in Italy last month due to unfavourable market conditions.

Sanlorenzo said it would offer 11 million new and existing shares, corresponding to 31.9% of its capital. The free float could rise to 35.1% if an over-allotment option is used.

The company, controlled by Italian entrepreneur Massimo Perotti, expects core profit, net of extraordinary items, at €62-66 mil in 2019.

Intesa Sanpaolo’s Banca IMI, BofA Securities and UniCredit are the joint global coordinators in the IPO. Alantra and Lazard are the financial advisers. – Reuters

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