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News and Information about ipo

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McLaren Automotive might launch an IPO in 3-5 years, says CEO

Interested in becoming one of the stockholders of one of the famed British carmakers, McLaren Automotive? The door to becoming one of the carmaker’s owners could open up as early as 2020 when McLaren might open itself for public ownership.

In an interview with The Times, McLaren Automotive chief executive Mike Flewitt remarked that the company might launch an initial public offering in the next three to five years in a bid to further boost funds. Should this intention come into fruition and the McLaren is listed in the stock market, it would be the second high-end carmaker to launch an IPO in recent history. The first was Ferrari in 2015.

Flewitt quipped that the more successful McLaren becomes, the more attractive it would be for people who wanted to invest into the carmaker. He added that launching an IPO of the company in three to five years is a better route for McLaren.

Read the entire article McLaren Automotive might launch an IPO in 3-5 years, says CEO

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

Fiat Chrysler Automobiles said that tax issues have caused the delay of a planned initial public offering of 10% of its luxury sports car maker Ferrari. Initially, FCA said that the sale will occur in the first half of 2015 but it now says that it will take place in the third quarter of 2015 and that it definitely won’t happen before October 12.

CEO Sergio Marchionne addressed reporters in Venice last Friday. He cited tax reasons for the delay. He explained that before any additional listing could be done, a full year has to pass from the creation of FCA (which debuted on Oct. 12, 2014 on Wall Street). This listing is included in a plan to spin off Ferrari and for FCA to be able to distribute the remaining stake to shareholders.

In 2009, Fiat acquired management control of Chrysler after it emerged from bankruptcy. The buyout was completed this year. In 2014, all of its businesses were combined as Dutch-registered FCA. It has its financial domicile in the UK with a small headquarters in London. Its traditional operating hubs are located in Turin and Detroit.

Read the entire article FCA pushes back Ferrari IPO to third quarter of 2015

Fiat Chrysler Automobiles will consider a loyalty program that hikes voting power of Ferrari shareholders when the carmaker spins off the premium sports car maker in 2015, according to FCA chairman John Elkann. A similar scheme was deployed Fiat merged into FCA this year, allowing it to rewarding its own long-term investors while benefiting controlling shareholder Exor.

Elkann is a scion of the Agnelli family who also leads Exor. FCA chief executive Sergio Marchionne disclosed in October plans to spin off Ferrari, sell a 10-percent stake in the sports carmaker through a public offering, and distribute FCA's remaining stake to its shareholders.

The spinoff would see the Agnelli family emerging as the largest shareholder in Ferrari. Should FCA proceed with the loyalty scheme, the Agnelli family could further control and expand its influence on Ferrari's future strategy.

Read the entire article Fiat Chrysler may consider loyalty program for Ferrari spinoff

Fiat Chrysler Automobiles would receive around EUR 2.25 billion ($2.8 billion) from Ferrari before the planned spinoff of the supercar unit in 2015, the carmaker said in filing with regulators in the United States.

Sergio Marchionne, FCA chief executive as well as Ferrari chairman, is planning to offer to the public around 10 percent of the sports carmaker in the second or third quarter of 2015 and distribute FCA’s remaining 80-percent stake to its own investors.

The Ferrari spinoff is part of a larger plan by Fiat Chrysler to raise EUR5 billion in funds to help trim debt and finance its five-year business plan. Marchionne is merging Fiat and Chrysler to create a carmaker large enough to take on the largest auto companies in the world like General Motors, Volkswagen Group and Toyota Motor Corp.

Read the entire article Fiat Chrysler to receive EUR2.25B from Ferrari before spinoff

According to the latest reports, it appears that Fiat Chrysler Automobiles NV plans to sell 10 percent of Ferrari shares, while the rest of 90 percent will be give to its own shareholders. Chrysler officially announced that the separation will be completed next year and Ferrari shares will be listed in the United States and possibly in Europe.

The official press release said that Ferrari and Fiat Chrysler Automobiles NV plans need to pursue separate paths.

As you may know already, this news comes after former chairman Luca Cordero di Montezemolo stepped down from Ferrari and replaced by Sergio Marchionne. Several reports said that Luca Cordero di Montezemolo had a clash with Marchionne over strategy.

Read the entire article 10 percent of Ferrari will be sold to the public, remaining shares will go to FCA shareholders

Fiat Chrysler Automobiles (FCA) finally made its debut on Wall Street, but investors were still a bit cautious of the merger between Fiat and Chrysler. On the start of trading at the New York Stock Exchange, FCA chief executive Sergio Marchionne remarked that they are taking Chrysler back to the United States stock market"One of the Detroit Three is coming home," he said.

Investors, however, don’t share his optimism with analysts indicating reservations about the FCA’s prospects. FCA’s shares opened on the trading floor at $9.00 in New York, going up to $9.55 before closing the day at $8.92. Only around 5.8 million shares were traded on FCA’s NYSE debut.

The company still keeps a secondary listing in Milan. Marchionne was given the privilege to ring the closing bell at the NYSE on Monday to mark FCA’s first day of trading in the US.

Read the entire article New York Stock Exchange debut of Fiat Chrysler Automobiles met with caution

Fiat Chrysler Automobiles could sell as much as $830 million of shares following its initial public offering in New York, according to calculations made by Reuters. The merger of Italian carmaker Fiat and American group Chrysler will have its shares registered and start trading on October 13, 2014, Monday at Wall Street.

The carmaker’s chief executive, Sergio Marchionne, remarked he could "get the machine rolling" by selling the shares Fiat owns in itself – the so-called treasury stock – to investors in the United States. Fiat could likewise sell shares to offset those brought back from investors who opted out from the merged company.

There are worries that FCA may struggle to create enough liquidity for its shares in the US, as the company will still have a secondary listing in Milan. Marchionne, however, expressed confidence that Chrysler's high-profile name in the US should help attract interest to the newly formed company.

Read the entire article Fiat Chrysler Automobiles could sell up to $830 million of shares after IPO

Mobileye NV’s debut on the New York Stock Exchange went on high note, with shares closing the first day up 48 percent at $37.00 with 36.8 million shares trading hands. The excellent stock market debut of the Israeli company comes on the heels of investors betting that a current race in the auto industry to improve safety ratings would significantly increase demand for Mobileye’s camera-based systems that help drivers avoid collisions.

Mobileye boasts of a technology that detects other vehicles and objects using a camera and software based on complex algorithms. Mobileye is is also developing a self-driving car. Company's technology is now being employed in over three million vehicles built by various carmakers like BMW AG, General Motors Co. and Tesla Motors Inc.

Mobileye's initial public offering was regarded as the largest US debut by an Israeli company and managed to raise about $890 million. For those who don't know, the Israeli company Mobileye was established in 1999 by computer science professor Amnon Shashua and Israeli businessman Ziv Aviram.

Read the entire article Mobileye IPO at NYSE met with huge interest from investors, raised $890 million

Ally Financial Inc. has raised $2.38 billion in its initial public offering, pricing its stock at the lower limit of the proposed range. During the IPO, the United States Treasury Department was able to sell 95 million shares for $25 apiece, according to data compiled by Bloomberg. Ally’s shares will start trading in April 10 and is listed on the New York Stock Exchange under the symbol ALLY.

Ally -- which was rescued by the US government during the 2008 financial crisis -- originally filed to go public in March 2011 as it tried repay back the remainder of the bailout that had already bloated to $17.2 billion. Ally chief executive Michael Carpenter has shifted the lender’s focus back on its auto-lending after its struggling mortgage business collapse.

According to Ally’s prospectus, the IPO should trim the US Treasury’s 37 percent stake to around 17 percent. Treasury had owned up to 74 percent of Ally following the 2011 bailout. The IPO and repayment will lead to the lifting some regulatory restrictions that came with the bailout and will give Ally more freedom to take on more risk that could boost profitability.

Read the entire article Ally Financial raises $2.38 billion from IPO

As the United States Treasury Department water down its holdings in Ally Financial Inc. through an initial public offering, the company would soon have more freedom take on more risk. According to an IPO prospectus issued in March, the Treasury’s exit will allow Ally to make more auto loans to borrowers having lower credit scores from its commercial bank unit, according to a prospectus issued last month.

Ally is set to price its shares on April 9, and could raise up to $2.7 billion with the IPO. Mark Palmer, an analyst at BTIG LLC, said that once the IPO is completed and the US government has been repaid, Ally will have more room to grow Ally Bank and improve its profitability.

Ally counted 16,000 US car dealerships as customers at end of 2013, according to the filing. Ally securitizes dealer loans for sale to institutional investors. As of year-end, Ally Bank had 1.5 million accounts and $52.9 billion of deposits.

Read the entire article Ally sees IPO as way to gain more freedom to take risks

Ally Financial Inc. is seeking an initial public offering of its shares, a process that could help United States Treasury Department divests its stake in the company. Ally seeks to raise up to $2.7 billion from the IPO. According to a regulatory filing, with the US Securities and Exchange Commission, Ally said that the Treasury intends to trim its 37-percent stake in Ally to 17 percent by divesting 95 million shares for $25 to $28 each.

Ally is planning to trade on the New York Stock Exchange under the ticker symbol ALLY. “Over our 90-year history, we have successfully differentiated ourselves from our competition by providing premium services for automotive dealers,” Ally said in the filing. The IPO marks the culmination of over a three-year process for Ally.

The company originally planned to launch an IPO March 2011, but decided in June not to pursue it until equity markets improved. Ally chief executive Michael Carpenter later declared that the company had to resolve issues with its mortgage unit before restarting the IPO process. It loss-making mortgage unit entered bankruptcy in May 2012 and received court approval to terminate the process in December.

Read the entire article Ally Financial to launch IPO in NY, seeks to raise $2.7 billion

BAIC Motor is planning to raise up to $2 billion in an initial public offering in Hong Kong, higher than its initial target of nearly $1 billion last year. The listing is expected to take place in the second quarter of 2014, sources privy with the IPO plans told Reuters.  According to industry executives and analysts, an expected series of economic stimulus measures and strong demand for cars in smaller Chinese cities in interior regions will boost the industry’s performance in China.

"China's auto industry is in the midst of a recovery, and is likely to grow 8 to 10 percent a year over the next few years," Liang Yonghuo, an analyst at Haitong International Research Ltd., told Reuters. Daimler holds a 12-percent stake in BAIC Motor following a EUR640-million agreement inked in November 2013.

The stake acquisition was designed to boost Daimler’s presence in China and secure a foothold before the BAIC Motors’ IPO. The listing could help finance the goal of BAIC Motors’ parent -- Beijing Automotive Group -- to join the ranks of SAIC Motor, Dongfeng Group and FAW Group as the Chinese government tries to consolidate the auto industry and create globally competitive companies.

Read the entire article BAIC Motor eyes to raise $2 billion from Hong Kong IPO

Fiat has inked an agreement with UAW’s Voluntary Employee Beneficiary Association (VEBA) to acquire the trust’s 41.46 percent stake in Chrysler Group for $3.65 billion. The agreement is the last hurdle that Fiat has to clinch before it could proceed with its planned merger with its Chrysler unit. Chrysler also agreed to separately pay $700 million in four yearly installments of $175 million to VEBA.

The Italian carmaker said the agreement will close or on before January 20. "In the life of every major organization and its people, there are defining moments that go down in the history books," Sergio Marchionne, chief executive of both Fiat and Chrysler, said in a statement, noting that the agreement with the VEBA is “one of those moments."

Fiat Chairman John Elkann said in the statement that he been looking forward to the agreement since Chrysler’s rebuilding started in 2009. "The work, commitment and achievement I have witnessed from Chrysler over the past four and a half years is nothing short of exceptional, and I take this opportunity to officially welcome each and every one of the people in the Chrysler organization to the integrated Fiat-Chrysler world," Elkann said.

Read the entire article Fiat inks deal to acquire rest of Chrysler from VEBA, avoids IPO

While General Motors and Ford each already has someone who will lead them in the future as chief executives, the same could not be said for the third member of the Detroit 3. Chrysler is currently led by Italian CEO Sergio Marchionne, who also sits atop parent Fiat SpA. However, it remains unclear who will succeed him in case he steps down from the US carmaker, partially because Chrysler is in a federally imposed quiet period due to its upcoming initial public offering.

What is clear is that whoever becomes Chrysler’s next CEO has very big shoes to fill. Fiat and Chrysler are still not fully integrated and have separate management structures that report to a 20-member steering committee called the Group Executive Council. This structure could remain as it is, or the top jobs could be delegated to two or more people.

Marchionne said in an interview with French weekly magazine Le Point that his "successor is among" the 20 members of Chrysler-Fiat's Group Executive Council. He added that his successor is "in a small group of five people."

Read the entire article Chrysler CEO successor remains unclear due to IPO

Chrysler Group will not hold an initial public offering this year as it needs to deal with a tax issue first in the United States, two sources privy with the process told Reuters. One of the sources said that Chrysler has already notified underwriters of the decision. Fiat issued a statement saying that it would "not be practicable" to complete a Chrysler IPO this year.

Chrysler had sought to launch the share sale in early December. The sources disclosed that plans were delayed, no thanks to complications involving the conversion of Chrysler from a limited liability company to a C corporation. According to Peter Bible, chief risk officer of accounting firm EisnerAmper, most public companies are C corporations, and conversion to this structure might mean additional taxes.

Being a limited liability corporation, Chrysler has few shareholders with its owners bearing the losses and paying the taxes. On the other hand, a C corporation pays its own taxes. It also has no limit on the number of shareholders and faces a greater tax burden.

Read the entire article Chrysler IPO postponed until 2014 over US tax issue

Chrysler Group is expecting to establish a price range for its initial public offering this week at the earliest, the Wall Street Journal reported, citing people privy with the matter. According to the report, the move will put more pressure on owners Fiat and VEBA (voluntary employee beneficiary association) to reach an agreement that would allow the Italian carmaker to obtain full ownership of the US company before the IPO occurs.

The Journal said that Chrysler expects to complete the IPO – which could raise $1.5 billion to $2 billion -- in the first half of December as it will try to beat the market slowdown during the holidays.

The expected price range would indicate Chrysler’s value at between $9 billion and $12 billion, based on the 16.6-percent stake that VEBA, a retiree healthcare trust affiliated with the United Auto Workers union, has asked the US carmaker to register for the IPO. Based on the proposed IPO price, VEBA’s total 41.5-percent stake in Chrysler will have a value of between $3.7 billion and $5 billion.

Read the entire article Chrysler to set price range for IPO as early as this week

The Board of Directors of Chrysler Group of Chrysler Group has decided that it would not hold its initial public offering this year, according to majority shareholder Fiat SpA.  Chrysler-Fiat chief executive Sergio Marchionne had remarked that the IPO could occur this year. The listing was expected to establish the carmaker's value and help settle a row between Fiat and the VEBA health care trust that controls 41.5 percent of Chrysler.

Fiat said in a statement that it expected Chrysler to work toward an IPO in the first quarter of 2014, but could not say if and when the share sale would happen, since such offer would depend on "market conditions and other relevant considerations." Fiat is aiming to buy out VEBA’s stake in Chrysler, but the parties have been in dispute over the share price.

Chrysler filed IPO documents in late September. Investors had been hoping that the preliminary work for the IPO of 16.6-percent stake of VEBA would determine the price of the Chrysler shares, thereby helping settle the differences between Fiat and the trust and lead to an agreement without actually launching the offering.

Read the entire article Chrysler Group will not hold IPO in 2013
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