Ferrari speeds towards US IPO
Italian luxury auto firm Ferrari has filed documents with US regulators to kick start its initial public offering of its common stock.
The iconic sports car brand will spin off from Fiat Chrysler Automobiles (FCA) for the IPO. It will be underwritten by UBS Investment Bank, BofA Merrill Lynch and Santander, according to Reuters.
FCA, which owns a full 90 per cent of the Italian brand, will sell a ten per cent stake. A final ten per cent is held by Piero Ferrari, vice president and son of founder Enzo who passed away in 1998.
The stocks will likely attract much interest, especially on the news Ferrari is only surpassed by Lego as ‘the world’s most powerful brand’ in 2014, as measured by BrandFinance
The company has been valued at 10 billion euros.