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MILAN, Oct 10 (Reuters) - Italian yacht maker Ferretti said on Thursday it had postponed the deadline for its initial public offering (IPO) to Oct. 15, with the first day of trading now expected on Oct. 21.
The share offering, which started on October 1, had initially been scheduled to end on Thursday, Oct. 10.
Two sources close to the matter told Reuters the share sale had seen weak demand. One of the sources said the order book had not been covered a day before the scheduled closure of the offer period. The company was hoping for strong demand from Asian investors to save the IPO.
Ferretti is controlled by Chinese conglomerate Weichai Group with an 86% stake.
Ferretti has set the indicative price range for the IPO at between 2.5 and 3.7 euros per share, valuing the company at between 727 million and 1.076 billion euros once new shares are issued, a price considered too high by some potential investors.
The price range corresponds to an enterprise value of 12-18 times the group's core profit, a multiple comparable to that of luxury groups such as Moncler or Burberry. (Reporting by Elisa Anzolin; editing by David Evans)