IPO Expected for Italian Yacht-Maker Sanlorenzo

Italian motor yacht maker Sanlorenzo aims to list on the Milan Stock Exchange at about the same time as the rival Ferretti Group, with an initial public offering (IPO) expected to be launched as early as the second half of October, two people familiar with the matter said on Wednesday.

The group is controlled by Italian entrepreneur Massimo Perotti through a family holding which bought back shares from third party investors in the recent years.

The group plans to issue a mix of existing and new shares, targeting a free float of about 35%, one of the sources added.

Sanlorenzo has picked Unicredit, Banca Imi and Bofa Merrill Lynch as global coordinators for its IPO. Lazard and Alantra are acting as financial advisers.

The company reported revenues of 383 million euros in 2018, with an Ebitda of 37 million euros, Perotti told an Italian newspaper earlier this year.

Luxury goods makers such as LVMH, Kering , Hermes, Moncler, Ferragamo , Richemont and Tiffany trade at an average of 14 times expected core earnings and Sanlorenzo is hoping to fetch a valuation multiple roughly similar to that, the sources said.

Sanlorenzo wasn't immediately available for comment.

Ferretti said on Monday it planned to list on the Milan bourse by the end of October. 

(Reporting by Elisa Anzolin, Arno Schuetze and Abhinav Ramnarayan; editing by Giles Elgood)