By Ian Walker
Luxury goods shipping company Ferrari Group PLC set a price range for its initial public offering on Euronext Amsterdam implying a market capitalization of up to 821.7 million euros ($854.8 million) when trading starts later this month.
The company--which transports jewelry, precious gems and high-value goods internationally--on Thursday set its offering price at between 8.00 euros and 9.00 euros giving it a market capitalization of between 730.4 million euros to 821.7 million euros.
It expects to announce the final pricing on Feb. 12 and start trading on Feb. 13.
As part of its IPO, founding family members are offering to sell 22.825 million shares through their company Deiana Holding, Ferrari said.
The company was formed in 1959 as a customs broker and forwarding company in Italy and currently handles over 170 billion euros worth of luxury goods a year.
For the year ended Dec. 31, 2023, it generated revenue of 333.0 million euros and adjusted earnings before interest, taxes, depreciation and amortization of 90.0 million euros. Adjusted Ebitda margin was 27.0%.
For the nine months ended Sept. 30, 2024, revenue was 254.0 million euros, adjusted Ebitda was 64.8 million euros and adjusted Ebitda margin stood at 25.5%.
"Our proposed listing on Euronext will increase the group's public profile and brand awareness while enabling the business to access diversified sources of funding, supporting our ambitious growth plans," Chief Executive Marco Deiana said on Jan. 27 when the company first announces it IPO plan.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
February 06, 2025 08:02 ET (13:02 GMT)
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