On The Fast Lane: Ferrari Revs Up For IPO; files Documents With US Regulators

via Industry Week | Business

Ferrari's SEC filing did not specify the share price range or the number of shares to be offered, but FCA said it was "not expected to exceed 10% of all ordinary shares."

Italian Fast Car Maker, Ferrari reportedly filed documents with the US regulators to potentially raise funds through the Stock Exhange. 

The news of the planned Initial Public Offering (IPO) on Wall Street was revealed by Ferrari's parent Company Fiat Chrysler Automobiles - itself an earlier merger between Italian and American car makers - Fiat and Chrysler.

The report featured on Industry Week said made good its earlier announcement through FCA, in October last year, to spin off its famed sports cars and seek an IPO.

Italy's iconic brand is the maker of world famous sports car Ferrari and a regular competitor on Formula 1. FCA said Ferrari intends "to be listed on the New York Stock Exchange."

But the filing did not say at what price range the shares are to be traded, nor the number available on offer only that it was "not expected to exceed 10% of all ordinary shares," Industry Week reported.

Ferrari is currently said to be worth $11 billion (£7.1 billion) and requires the funds to finance its five-year growth plans.

Ferrari plans to selling 7 million cars annually - an ambitious plan that requires a huge capital outlay, for which the IPO is being undertaken. It hopes to raise Euros 48 billion (£34.3 billion) for the programme.

The merged Fiat Chrysler, which itself entered the stock market in October 2014, had previously said that it wanted to list Ferrari both on the US stock market and an unspecified European market, Industry Week reported.

Currently the world's 7th largest car manufacturer, FCA already has primary listing on the New York Stock Exchange and a secondary listing in Italy' Borsa Italiana. It holds more than 90% of Ferrari's capital.

The Groups First Quarter Results showed it posted net revenues of Euros 26.396 against Euros 22.125 for the same period last year.