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Ferrari parent company files IPO to list on NYSE
The listing is meant to help FCA, which has one of thehighest debt piles in the industry, pay for a 48 billion euro($53 billion) investment plan to boost sales by 60 percent to 7million cars by 2018 and increase net profit five-fold.
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Fiat Chrysler Automobiles NV’s plan to raise money for expansion by spinning off Ferrari took a step forward with the automaker filing the unit’s initial public offering on the New York Stock Exchange.
FCA announced in October that it would spin off its famed sports cars and seek an IPO.
Its filing with the US Securities and Exchange Commission (SEC) did not specify the share price range nor the number of shares to be offered, but FCA said it was “not expected to exceed 10 per cent of all ordinary shares”. The company set a nominal fundraising target of $100 million. The Ferrari family will retain a 10% interest, held by Piero Ferrari, the son of the firm’s founder, Enzo Ferrari.
UBS, Bank of America Merrill Lynch and Banco Santander are acting as joint bookrunners on the deal, with UBS also acting as global co-ordinator.
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Some analysts say the divorce from Ferrari should make it easier to prepare FCA for a merger as it would give a clearer valuation of the company.