October 16, 2019 / 11:22 AM / a month ago

Ferretti IPO book covered at 2 eur/shr thanks to Asian demand-source

MILAN, Oct 16 (Reuters) - Italian luxury yacht maker Ferretti has managed to fully cover books for its initial public offering at 2 euros per share, the low end of a downwardly revised price range, thanks to big orders from some Asian investors, a source close to the matter said.

The IPO closes on Wednesday after the company was forced to extend the offering period and cut the indicative price range to 2.0-2.5 euros from 2.5-3.7 euros initially.

The source said the top five investors in the IPO accounted for 60% of the demand, with two “non-traditional investors” set to take, respectively, 24% and 16% of the offering.

Ferretti is controlled by Chinese conglomerate Weichai Group.

Reporting by Elisa Anzolin, writing by Valentina Za, editing by Silvia Aloisi

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