September 23, 2019 / 12:42 PM / 23 days ago

Italian yacht maker Sanlorenzo to float up to 35% of capital this year

MILAN (Reuters) - Italy’s Sanlorenzo has filed a request to list on the Milan stock exchange and expects to launch the initial public offering this year, the luxury motor yacht maker said on Monday.

Its IPO will follow that of rival Ferretti Group, which is expected in the next few weeks.

Controlled by Italian entrepreneur Massimo Perotti, Sanlorenzo plans to float up to 35% of its capital, offering both new and existing shares to institutional investors.

“Proceeds deriving from the capital increase are intended to be used by the company mainly to foster and accelerate its future growth and to seize market opportunities,” the group said in a statement.

Sanlorenzo expects net revenue from sales of new yachts of 430-456 million euros for 2019, up from 355 million euros in 2018, with core earnings (EBITDA) net of extraordinary items of 62-66 million euros, up from 38 million euros last year.

Reporting by Elisa Anzolin; editing by Valentina Za and Jason Neely

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