Weichei stuns market, scuttling Ferretti IPO despite deal being covered

By Sam Kerr
17 Oct 2019

Weichei, the Chinese industrial conglomerate, has shocked equity capital markets by cancelling the IPO of Italian yacht maker Ferretti the morning after books had closed and banks were waiting to be given the go-ahead to start allocating shares.

BarclaysBNP ParibasUBS and Mediobanca were global co-ordinators on the IPO.

The company was raising €100m through a sale of new shares. Weichai and Italian billionaire Piero Ferrari, son of Enzo, who founded the eponymous car company, were also set to sell shares.

The roadshow had ...

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