Ferrari officially filed a registration statement with US regulators for a proposed initial public offering of common shares currently held by Fiat Chrysler Automobiles.
Ferrari said the number of common shares to be offered and the price range for the proposed offering have not yet been determined. However, the company said the proposed offering is not expected to exceed 10 percent of the outstanding common shares.
Ferrari intends to apply to list its common shares on the New York Stock Exchange, with UBS Investment Bank to act as Global Coordinator.
An interesting detail is that Ferrari will have its official business domicile outside Italy, just like parent company FCA. The independent Ferrari’s business listing will be Ferrari N.V., registered in the Netherlands. Obviously, the company will continue to be headquartered in Italy and to build cars there.
The IPO is expected to value Ferrari at $10 billion. In addition to the 10 percent share that will be part of the IPO, Ferrari chairman Sergio Marchionne previously said 80 percent of the Italian sports car manufacturer will be distributed to FCA shareholders, while the remaining 10 percent of Ferrari will be kept by Piero Ferrari, son of company founder Enzo Ferrari.
The Ferrari IPO is expected to take place in mid-October.
PHOTO GALLERY
