Italian shipbuilder Fincantieri is making an initial public offering to raise funds for projects and acquisitions.
The company is wholly owned by Italian state lender Cassa Depositi e Prestiti (CDP). It will offer up to 38.2%, and new shares will be priced between €0.78 and €1. This price values the company between €1.57 billion and €1.84 billion, and the IPO up to €704 billion. Fincantieri intends to list on the Borsa Italiana stock exchange in Milan.
“We are launching a cash call to have a solid capital structure to meet future challenges,” chief executive Giuseppe Bono told reporters in Milan, Italy on 16 June.
In 2013, Fincantieri acquired a 55.6% stake in Norwegian shipbuilder STX OSV, later renamed Vard. Vard Holdings Ltd. has yards in Europe and Canada and builds offshore subsea construction vessels, platform supply vessels, anchor-handling tug supply vessels, and drillships for the offshore oil and gas industry. Fincantieri is also known for its cruise ships and superyachts.
Read more:
Island Offshore orders Vard OSV, 23 May 2014
Vard launches Canada subsidiary, 18 March 2014
Solstad-Vard in new build deal, 12 March 2014
Bourbon orders arctic AHTS, 20 Feb 2014
Italian drillships for Russian arctic, 29 Nov 2013
Partners unveil drillship design, 1 June 2013
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