MILAN, Nov 28 (Reuters) - Italian luxury yacht maker Sanlorenzo expects its shares to start trading on the Milan bourse on Dec. 10, it said on Thursday, as it tries to turn the tide on a dismal season for stock market flotations in the country.
Italian professional audio system group RCF and fellow yacht maker Ferretti pulled initial public offerings (IPO) last month due to unfavourable market conditions.
Despite those unsuccessful listing attempts, Sanlorenzo hopes to sell more than a third of its capital.
Having obtained approval for its IPO from market regulator Consob, Sanlorenzo is aiming for a valuation of up to 656 million euros ($723 million).
It said it would offer up to 11 million new and existing shares, corresponding to 31.9% of its capital. The free float could rise to 35.1% if an overallotment option is used.
The offer period started yesterday and will end on Dec. 5.
The company, controlled by Italian entrepreneur Massimo Perotti, expects core profit, net of extraordinary items, of 62-66 million euros in 2019.
Intesa Sanpaolo’s Banca IMI, BofA Securities and UniCredit are joint global coordinators of the IPO. Alantra and Lazard are financial advisors. (Reporting by Gianluca Semeraro; Editing by Giulia Segreti and Kirsten Donovan)