MILAN (Reuters) - Italian luxury yacht maker Sanlorenzo aims for a valuation up to 656 million euros ($723 million) in its initial public offering (IPO) set to start on Wednesday, aiming to shrug off a dismal season for stock market listings.
Sanlorenzo said on Tuesday that it would offer shares at between 16-19 euros each in its IPO, aiming to value the company at 552-656 million euros 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 unfavorable 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 overallotment option is used.
The company, controlled by Italian entrepreneur Massimo Perotti, expects core profit, net of extraordinary items, at 62-66 million euros in 2019.
Reporting by Elisa Anzolin and Valentina Za, editing by Louise Heavens