Shares of Italian Yacht Maker Ferretti Set to Rise in Hong Kong Debut

Shares in Italian luxury yacht maker Ferretti are set to open higher in their Hong Kong debut after raising $244 million at a time when the Asian financial center has seen a sharp drop in the value of IPOs raised this quarter.

The stock set to open at HK$23.05 per share, up 0.7% from the offering price of HK$22.88. That compared to a 0.1% gain in the benchmark Hang Seng Index.

($1 = 7.8273 Hong Kong dollars)

(Reuters - Reporting by Donny Kwok; Editing by Muralikumar Anantharaman)