Ferretti Launches Hong Kong IPO To Raise Up To $301 Million – Term Sheet

Ferretti Launches Hong Kong IPO To Raise Up To $301 Million – Term Sheet

SYDNEY (Reuters) – Italian luxury yacht maker Ferretti S.p.A launched a Hong Kong initial public offering (IPO) on Monday to raise up to $301 million, showed a term sheet seen by Reuters.

The shares will be priced at HK$21.82 to HK$28.24 each, the term sheet showed.

Ferretti did not immediately respond to a request for comment from Reuters.

The company will sell 83.58 million shares in the deal which is going ahead despite ongoing volatility in global financial markets.

Five Chinese cornerstone investors have subscribed for $129.5 million worth of stock in the deal, the term sheet showed.

The final price of the shares is due to be set on Friday and the stock will start trading on the Hong Kong Stock Exchange on March 31.

(Reporting by Scott Murdoch in Sydney; Editing by Christopher Cushing)