The Italian luxury car manufacturer Ferrari is going to make its IPO in the New York Stock Exchange. According to Reuters, the sale will consist of 17,2 million shares (9 %) of the Dutch holding company Ferrari NV. The share price is exptected to be at 48-52 dollars. The ticker for the company will be RACE.
Investors are expected to be highly interested of this IPO and the lead coordinator is UBS altough the car industry has faced the recent Volkswagen´s emission testing scandal. The valuation of the company could rise to 9,8 billion dollars and the enterprise value would be around 12 billion dollars.
The parent company Fiat Chrysler Automobiles is exptexcted to cut the debt and to help finance a 48 billion euros investment programm of Jeep, Alfa Romeo and Maserati.
Ferrari´s chairman Piero Ferrari is said to keep a 10 percent stake in the company. He has said that Ferrari is not a traditional car manufacturer and its peer group should rather be Hermes and Prada than for example Porsche. – We don´t sell a car, we sell a dream, he said in an interview in Bloomberg.
Ferrari´s revenue last year was 2,8 billion euros and the company sold 7255 cars. The waiting list for a Ferrari is exptected to be one year. The company earnings before interests and taxes were 389 million euros.