Ferrari parent company files for share listing on NYSE
Jul 23, 2015, 5:18 AM
FILE - In this Saturday, May 23 2015 file photo, Ferrari driver Kimi Raikkonen steers his car during the third free practice session at the Monaco racetrack, in Monaco. Ferrari's parent company has filed an initial public offering to list shares of the luxury sports car brand on the New York Stock Exchange. Parent company Fiat Chrysler Automobiles said in a statement on Thursday, July 23, 2015 that it has filed paperwork with the U.S. Securities and Exchange Commission, proposing an IPO of 10 percent of Ferrari's shares. (AP Photo/Claude Paris, file)
(AP Photo/Claude Paris, file)
MILAN (AP) — Ferrari’s parent company has filed an initial public offering to list shares of the luxury sports car brand on the New York Stock Exchange.
Parent company Fiat Chrysler Automobiles said in a statement on Thursday that it has filed paperwork with the U.S. Securities and Exchange Commission, proposing an IPO of 10 percent of Ferrari’s shares.
Fiat Chrysler CEO Sergio Marchionne has said the public offer will be made in the fourth quarter, a slight delay from earlier projections of the first half of the year due to tax considerations.
The move unlocks the luxury brand’s value and distinguishes it from its mass-market parent, while raising cash to support the newly merged carmaker’s plans to invest 48 billion euros ($61 billion) over five years.
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