Ferrari parent company files for share listing on NYSE

AP News
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Posted: Jul 23, 2015 8:02 AM
Ferrari parent company files for share listing on NYSE

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.