Ferrari NV Files for IPO Evaluated Close to $9.4 billion.
In recent months, the IPO market has seen many new stocks and this time its Fiat Chrysler Automobiles moving forward with plans of spinning off, Ferrari at a valuation of approximately $9.4 billion. That's a midpoint of the marketed range.
Papers were filed by Ferrari NV for a long awaited initial public offering. The price range for the shares could value the auto maker close to $10 billion.
On Friday, Ferrari, known for its luxury cars sells high range Italian sports cars, set a price range which will be used as a measure for the investor demand for the initial public offering that will be listed on the New York Stock Exchange.
The car maker known as Ferrari N.V will place 17.2 million shares in the market for $48 to $52 each revealed an amended filing with the Securities and Exchange Commission.
Most of the proceeds from the $859 million I.P.O. will go to Fiat Chrysler and not to Ferrari.
The history of Ferrari mainly is linked to racing. Though Enzo Ferrari formed a team in 1929 called Scuderia Ferrari, the company produced its first car in 1947.
After about twenty years, Fiat acquired fifty percent stake in the car maker and that increased to ninety percent later on after the death of Enzo Ferrari in 1988. The remaining ten percent is held by, Piero Ferrari, Enzo Ferrari's son and he will keep that even after the I.P.O.
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