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).

Ferrari IPO launched, stock to be listed on the NYSE under symbol RACE

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.

shares
comments
The new 2016 BMW M4 GTS is available for the first time in the US

Previous article

The new 2016 BMW M4 GTS is available for the first time in the US

Next article

The all-new 2016 BMW M2

The all-new 2016 BMW M2
Load comments

About this article

Series Automotive