Ferrari shipped just 7,255 cars last year
Ferrari has been valued at a whopping $10bn after raising $893m in its initial public offering at the New York Stock Exchange.
Ferrari has priced its IPO at $52 a share and limited the offering to a 9.1% stake in the company.
Shares in Ferrari will be traded under the symbol “RACE”.
Fiat Chrysler Automobiles (FCA) currently holds 90% of Ferrari’s issued and outstanding share capital.
In the first half of the year, sales stood at 1.39 billion euros.
Net profit stood at 141 million euros ($160m) for the first half of the year, up 10% from the same time a year ago.
Last year, Ferrari shipped just 7,255 cars, compared with the 4.6 million cars and trucks that Fiat Chrysler sold in 2014.
The IPO is a part of FCA’s strategy to to separate Ferrari from FCA
UBS Investment Bank is acting as global coordinator for the offering and is serving as underwriters along with BofA Merrill Lynch.
1. Ferrari was founded by racecar driver Enzo Ferrari.
2. The first model of the car was produced in 1947, it was called the 125 S model.
3. After becoming a roaring success on race tracks, Ferrari sold a 50% stake to Fiat in 1969.
4. Enzo Ferrari died in 1988 after which Fiat increased its stake to 90%.
Thu, 12 Oct 2017