October 17, 2019 / 11:57 AM / a month ago

Exclusive: Italy's luxury yacht maker Ferretti pulls IPO - source

FILE PHOTO: Prospects inspect a Ferretti Riva yacht at the Singapore Yacht Show on Sentosa Island April 25, 2015. REUTERS/Edgar Su/File Photo

MILAN (Reuters) - Italian luxury yacht maker Ferretti has decided to pull its initial stock offering because it is not satisfied with the price at which the books were covered, a source close to the matter said on Thursday.

The company was not immediately available for comment.

Ferretti had only managed to cover the books at 2 euros per share, the low end of a price range that it had already been forced to cut, a source had told Reuters on Wednesday.

At that price, Ferretti would have been worth 580 million euros ($640 million) after a proposed capital increase, just over half the 1.08 billion euros the company and its shareholders were originally hoping to fetch.

Reporting by Elisa Anzolin, writing by Silvia Aloisi

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