Sanlorenzo aiming for €650m valuation as float nears

Massimo Perotti was named as Italy’s Entrepreneur of the Year by EY.  He will continue to be the majority shareholder after the float.

Sanlorenzo, the Italian yard, is hoping to be worth between €552m and about €656m when it lists on Borsa Italiana, the Italian Stock Exchange.

Banca, BofA Securities and UniCredit Corporate & Investment Banking, the Joint global coordinators and joint bookrunners, are hoping to sell shares at between €16 and €19 each.

The company is planning to list 35.1% of its shares. Massimo Perotti, its executive chairman will continue to be the majority shareholder after the float. Perrotti was this week named Italy’s Entrepreneur of the Year by EY.

Sanlorenzo had sales of €327m in 2018 with earnings of €38m (including €3.6m of extraordinary costs) – an 11.6% margin. The yard says it will do even better this year.

Sales of €205m in the first six months

It has already had sales of €205m in the first six months of the year to June 2019 and is aiming to do between €430m and €568m for the year as a whole, with a 14%-15% margin.

Large 40-metre to 68-metre aluminium and steel superyachts made up 31% of sales, with composite 24-metre to 38-metres yachts making up 62%. Sanlorenzo’s Bluegame sports utility yachts (at lengths of between 13 metres to 21 metres) accounted for just 1.8% of the cash. European customers account for 58% of Sanlorenzo’s sales followed by Americans (19.6%).

Meanwhile, last month Ferretti Group ditched its plan to float 30% of itself on Borsa Italiana in an IPO.