Published on October 13th, 2015 | by Subhash Nair0
Ferrari Stock to be Traded Under NY Stock Exchange Symbol “RACE”
Fiat Chrysler Automobiles N.V. (FCA) announce today that Ferrari has launched its initial public offering (“IPO”). FCA, currently holding a 90 percent of Ferrari’s issued and outstanding share capital, intends to sell 17,175,000 common shares of Ferrari, equal to approximately 9 percent of Ferrari’s common shares pursuant to a registration statement on Form F-1 filed with the U.S. Securities and Exchange Commission. The initial public offering price is currently expected to be between $48 and $52 per share, and the shares will trade under the symbol, “RACE”.
Ferrari has applied to list its common shares on the New York Stock Exchange (“NYSE”) FCA expects to grant the underwriters with an option to purchase an aggregate of up to 1,717,150 common shares of Ferrari from FCA, equal to approximately 1 percent of Ferrari’s outstanding common shares. After the IPO, FCA will own 80 percent of Ferrari (if underwriters exercise their option to purchase additional shares in full). Ferrari is not selling any shares and will not receive any proceeds from the sale of common shares by FCA.
This offering is intended to be part of a series of transactions to separate Ferrari from FCA. Following completion of this offering, FCA expects to distribute its remaining 80 percent interest in Ferrari to FCA shareholders at the beginning of 2016.