Ferrari IPO launched, stock to be listed on the NYSE under symbol RACE
Fiat Chrysler Automobiles has officially launched Ferrari's initial public offering (IPO).
The offering will consist of 17,175,000 common shares of Ferrari NV, a roughly nine percent stake, which will be valued between $48 (€42) and $52 (€45) a share. The shares will be listed on the New York Stock Exchange under the symbol of RACE.
As part of the spinoff from FCA, Ferrari will assume $3.1 (€2.8) billion of debt. Enzo Ferrari's son, Piero Ferrari, will also being getting a pretty nice pay day as he'll receive a 10 percent stake in the automaker as well as a $318.5 (€280) million cash payment.
While some analysts have been critical of the valuation, it hasn't deterred investors as Bloomberg is reporting initial requests for shares has outpaced availability by more than ten-to-one.
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