Giorgio Armani supports the IPO of the Italian yacht builder
On Tuesday, the Italian Stock Exchange (Borsa Italiana) will launch an IPO for a well-known yacht builder, the Italian group Sea. The IPO of a yacht shipyard is extremely rare, and it is the latest sign of a boiling market in the industry.
In the run-up to listing, the company has secured the support of Italian fashion designer Giorgio Armani and pharmaceutical entrepreneur Marc Coucke as key investors. In total, Armani Group and the Coucke holding company will buy a combined 15% share of the offering (although they will support the IPO separately). The action should start with a target of € 4.90 per share.
Armani’s interest in the project goes beyond financial support: he will also design a new 72-meter motor yacht for the Admiral brand of the Italian Sea Group. (image above).
“Armani is synonymous with timeless elegance and sophistication and his stylistic vision will also increase our stylistic sensibility,” said Giovanni Costantino, Founder and CEO of Italian Sea Group. “The new motor yacht, which combines technology and design excellence with Armani’s distinctive features and deep identity, will bring us great satisfaction. ”
The € 47 million proceeds will be used to acquire new shipyard facilities and refit yards, according to Boat International. The remaining amount will go to the pursuit of partnerships with Italian luxury brands, as well as to the construction of yachts up to 100 meters long (specialty of the Admiral brand of the group).
Through its investment company GC Holding, Constantino will also sell part of its existing shares. He will remain the majority shareholder of the company after listing.
The rare IPO of a yacht builder takes place against the backdrop of a thriving superyacht market. Buyer interest is unusually high, according to Forbes, and industry sales figures for the first quarter of 2021 appear to be the best in four years. First-time buyers, the decline of COVID-19, and those seeking a safe and comfortable form of travel are all driving the boom. In March alone, brokerage sales rose 150%, according to figures from Grand View Research.
“With the pandemic, yachts are the safest bubble for vacations and travel. Whether charterers or owners, people have realized that they can control their environment with the yacht and crew while traveling in total comfort, ”said Mark Elliot, International Yacht Charter and Sales Consultant. Company (IYC) at Forbes.