ITALY

摘要

Yacht maker THE ITALIAN SEA CROUP opened books last Wednesday on a €66.4m-€90.6m IPO, and was covered on the full deal size including the greenshoe and upsize by Friday morning. The price range has been set at a relatively wide €4.15-€5.66 per share and the base deal comprises 9.5m primary shares for €39.4m-€53.8m for the company and 6.5m secondary shares to raise €27m-€36.8m for founder and CEO Giovanni Costantino. There is also a secondary upsize of 2m shares, which would add €8.3m-€11.3m to the deal, and a 10% secondary greenshoe. The implied market capitalisation for the yacht maker is €220m-€300m. Costantino will remain the majority shareholder post-IPO. The deal will give Italian Sea a free-float of up to 27.4%. As announced at the onset of pre-marketing on May 17, the company has cornerstone backing from Italian fashion house Giorgio Armani and Belgian billionaire Marc Coucke's family investment company. They are in for 5% and 10%, respectively, of the company's post-money outstanding shares, which would amount to total cash injection of €45m at the top of the range.