Ferrari shares will be listed on the NYSE under the ticker symbol ‘RACE’. PHOTO: REUTERS
Ferrari, of the famed ‘prancing stallion’ logo, will make its first steps on Wall Street, expected in late October, after years of rumours.
In its filing with the US Securities and Exchange Commission (SEC), FCA said it is offering to sell 17.2 million common shares of Ferrari, or about 9.0% of its capital.
The estimated offering price of the shares was between $48 and $52.
The initial public offering could raise up to $893.1 million, valuing the automaker at $9.92 billion.
Ferrari shares will be listed on the New York Stock Exchange under the ticker symbol ‘RACE’ as it moves toward independence from FCA, the Netherlands-based automaker, combining Fiat of Italy and Chrysler of the United States under the reins of Sergio Marchionne.
Ferrari produces only about 7,000 cars a year, with a base price that starts at $200,000. The company plans to boost production to 9,000.
Last year, Ferrari sold 7,245 of the luxury sports cars and had an operating profit of €693 million ($787.2 million), more than 9% higher than in 2013.
“This offering is intended to be part of a series of transactions to separate Ferrari from FCA,” Fiat Chrysler said in the SEC filing, adding that the separation was expected to be completed in early 2016.
Published in The Express Tribune, October 11th, 2015.
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