The auto maker decided previous year to spin off Ferrari, sell a 10pc stake via a public offering and distribute the rest of its stake in the luxury sports auto brand to its shareholders as it seeks to unlock value at both companies.
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As of writing, Fiat Chrysler Automobiles NV has a market capitalization of about $18 billion – meaning that if Marchionne’s prediction for the IPO valuation is correct, Ferrari would be worth about 61 percent of the entire company.
Piero Ferrari, son of Ferrari founder Enzo, holds 10 percent already and plans to keep it. The remaining 80 percent will be distributed to Fiat Chrysler investors.
Getting the most out of the listing is crucial for Mr Marchionne’s plans to fund a €48 billion investment plan aimed at lifting Fiat Chrysler deliveries to seven million cars by 2018.
Valued at €10 billion, Ferrari would represent about 60 per cent of the value of the group.
Marchionne, who is also the CEO of Ferrari’s parent company Fiat Chrysler, told press at this week’s unveiling of the refreshed 500 hatch that there is good reason to believe the supercar brand will be valued “at least” that highly. Despite the seemingly complex structure, Marchionne said Ferrari will continue to be based in Italy.
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He said last month that Ferrari could be listed in New York on October 13 after the IPO was delayed over a tax issue.
