(Bloomberg) -- Ferretti SpA, the superyacht maker partially owned by the Ferrari family, cut the price range for its upcoming Milan listing, reflecting a wider investor push back against initial public offerings in Europe.

The price range for Ferretti’s upcoming Italian listing has been cut to 2 euros to 2.50 euros per share, from 2.50 euros to 3.70 euros per share, according to terms seen by Bloomberg.

The price range corresponds to a post-capital increase in market value of 581 million euros ($641 million) to 727 million euros. The company was originally targeting as much as 1.08 billion euros in market value.

Ferretti is controlled by China’s SHIG–Weichai Group, which purchased 75% of the company in 2012. The heir of Enzo Ferrari, the founder of the iconic Italian supercar maker, bought about 13% of Ferretti in 2016.

New share sales in Europe have struggled to drum up enough interest this year. With the exception of some recent, high-quality listings such as EQT AB and TeamViewer AG, IPOs have been priced near or at the bottom end of their asking price ranges.

To contact the reporters on this story: Swetha Gopinath in London at sgopinath12@bloomberg.net;Sonia Sirletti in Milan at ssirletti@bloomberg.net

To contact the editors responsible for this story: Blaise Robinson at brobinson58@bloomberg.net, Swetha Gopinath, Jon Menon

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