April 12, 2019 / 12:42 PM / 2 months ago

Yacht maker Ferretti lines up Barclays, BNP, UBS as IPO advisers - sources

MILAN, April 12 (Reuters) - Italian luxury yacht builder Ferretti will name Barclays, BNP Paribas and UBS as global coordinators for its upcoming listing on the Milan stock exchange, four sources said on Friday.

The group, delisted in 2003 before being bought a decade later by Chinese industrial conglomerate Weichai Group, is expected to announce its return to the bourse in coming weeks.

Ferretti is considering the option of issuing new shares alongside a share sale by its main investor, but no decision has been taken yet, one of the sources said.

Weichai believes a listing would improve the company’s reputation and give it the visibility a luxury group deserves, another source said last month, adding that timing had yet to be decided and would depend on market conditions.

According to the most recent results available on the company’s website, Ferretti said it had a “production value”, a proxy for revenues, of 623 million euros ($705 million) in 2017.

The website said 2017 core profit was up 11 percent at 59 million euros. Net profit jumped 71 percent to 24 million euros. ($1 = 0.8839 euros) (Editing by Mark Bendeich)

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