Italy’s yacht maker Sanlorenzo prices IPO at €16 per share


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Italy’s yacht maker Sanlorenzo prices IPO at €16 per share

On Friday, the 6th of December 2019, Sanlorenzo SpA, the Italian shipbuilding company based on Ameglia, Viareggio and La Spezia, engaged in designing and production of made-to-measure superyachts and yachts ranging from 24 metres to 70 metres, said that it had priced its shares at €16 per share for its IPO (Initial Public Offering), which in effect had proffered the 63-year-old yacht-maker a market cap of €552 million including a capital increase of €72 million.

Aside from that, the shipbuilding group headquartered on Ameglia, Italy, founded back in the 1958s by a Giuliano Pecchia and a Gianfranco Cecchi, employing 300 workers across Italy, had also added in its Friday’s (December 6th) statement that its shares sales were closed on Thursday (December 5th) and more than two-thirds of its IPO demands came from international investors.

Besides, the Italian Yacht-maker Sanlorenzo SpA having a revenue of €0.32 billion as of September 31st, 2019, was also quoted saying in its Friday’s (December 6th) statement if the company would exercise its entire greenshoe option, an IPO clause containing an underwriting accord that allows the underwriter to buy up to 15 per cent of company shares at its initial price, 35.1 per cent of the company’s share capital would be free float.