ferrari ipo

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Fiat Chrysler launches Ferrari IPO, sets share price at $48-$52

Fiat Chrysler Automobiles NV is finally embarking on its planned sale of the Italian supercar manufacturer Ferrari. According to a company filing with the U.S. Securities and Exchange Commission, 9% of the company’s majority stake in Ferrari will be offered through an initial public offering facilitated by the New York Stock Exchange.

The IPO will sell off 17.2 million shares that Fiat Chrysler owns in Ferrari’s holding company, Ferrari NV. With shares assigned a value of $48 to $52 each, the IPO is valued at $9.82 billion. Since Ferrari’s most recent financials show a positive cash flow, analysts predict that there will be more investors than available shares during the IPO.

In fact, they are expecting investors to outnumber shares ten-to-one, which means that there will be 10 times more initial requests than there are shares offered. This bullish outlook towards Ferrari’s stock is foreseen despite the diesel emission testing scandals involving fellow automaker Volkswagen AG.

Read the entire article Fiat Chrysler launches Ferrari IPO, sets share price at $48-$52

Fiat Chrysler has filed for Ferrari’s IPO

Fiat Chrysler Automobiles NV has submitted a filing for Ferrari’s initial public offering on the New York Stock Exchange, putting the unit a step closer to being spun off. In a filing with the U.S. Securities and Exchange Commission, FCA said that it aims for this separation to be completed early next year.

It is estimated that Ferrari is valued at over $11 billion. CEO Sergio Marchionne is hoping that this share sale will help reduce debt by raising approximately $5 billion. It is also meant to help fund an investment program worth 48 billion-euro ($53 billion) that will lead to the global expansion of the Jeep, Alfa Romeo and Maserati brands.

Erik Gordon, a law professor at the University of Michigan's business school, said that the question now is if the supercar brand’s stock will perform like a Ferrari. He explained that while there’s “glamor” in owning anything from Ferrari, it isn’t as easy to brag about having Ferrari stock.

Read the entire article Fiat Chrysler has filed for Ferrari’s IPO

Ferrari is ‘days away’ from filing IPO prospectus, says FCA CEO

Supercar producer Ferrari SpA is “days away” from filing for a prospectus for the initial public offering, according to Fiat Chrysler CEO Sergio Marchionne. Last Friday, Marchionne talked to reporters after participating in a panel discussion at the Toronto Global Forum.

Fiat Chrysler Automobiles, which has plenty of debt, is spinning off Ferrari to contribute to a 48 billion-euro ($53 billion) investment program that is primarily focused on the global growth of Jeep, Alfa Romeo and Maserati. Insiders said that UBS Group AG was chosen by Ferrari to help it manage its IPO later in the year in New York.

Sources also said that 10% of the shares will be offered to Ferrari’s investors. This will be made possible with the help of JPMorgan Chase & Co. and Goldman Sachs Group Inc. Marchionne won’t confirm if the IPO will be managed by UBS. He said that Ferrari may opt for a second listing, most probably in Milan.

Read the entire article Ferrari is ‘days away’ from filing IPO prospectus, says FCA CEO