From Breakingviews: A year after its Hong Kong IPO, yacht maker Ferretti is rushing to list shares in Milan. The move offers scant valuation upside but hedges geopolitical risks. If Ferretti can pull it off, luxury brand Prada will follow, says ywchen1
An employee works on a yacht at the Ferretti's shipyard in Sarnico, northern Italy, April 7, 2015. REUTERS/Stefano Rellandini/File Photo - RC2881A8JZMX
For Ferretti, Hong Kong has provided a helpful springboard. By listing in the Asian financial centre, Chief Executive Alberto Galassi managed to secure the around $1 billion valuation he had failed to clinch in Milan in 2019. Having conglomerate Weichai Group as a parent helped. Five Chinese state-backed entitiesReuters Graphics Reuters Graphics
Yet with tensions between China and the West intensifying, Ferretti’s urgency to diversify its investor base is increasing. Weichai, which snapped up the vessel maker in 2012 while in distress, plans to sell around half its 64% stake in the new listing.
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