Ferrari has applied for the listing of its ordinary shares on the New York Stock Exchange (“Nyse”) and on Friday evening the final prospectus for the initial public offering of Ferrari Nv shares incorporated under Dutch law was filed with the SEC, the supervisory body of the American Stock Exchange. This is what can be read in a note from Fiat Chrysler, which will put 17.175 million shares of the company up for sale at priced between $48 and $52, plus a greenshoe of 1,7 million shares, for a total of 10% of the capital (including the 1% reserved for placement banks, which will be able to exercise an option to purchase a further maximum of 1.717.150 ordinary shares). The proceeds for the parent company will fluctuate between 906 and 983 million dollars.
After the IPO – if the placement banks fully exercise the option – FCA will hold 80% of Ferrari, which it plans to distribute to its shareholders in early 2016 with the assignment of one Ferrari share for every ten of FCA.
The rest 10% of the shares will always be held by Piero Ferrari, the son of the founder of the Maranello house.
In this way, starting next year, the leadership of the company will pass to Exor, the holding company of the Agnelli family, with a 24% stake which, thanks to the Dutch multiple voting mechanism, will allow control together with Piero Ferrari.
After the lightning placement the stock will debut on Wall Street on Wednesday, October 21st and will be distinguished by the Race code. The road show with investors starts today.
The capitalization of FCA deduced by Ferrari given Friday's values (17,71 billion) should be around 11 billion, just below Peugeot (12 billion), about a quarter of General Motors (46 billion). But the spin-off will take effect from 2016, therefore the FCA 2015 accounts will still include the numbers of the Reds.
For banks, UBS Investment Bank acts as Global Coordinator of the offer. UBS Investment Bank and BofA Merrill Lynch are acting as bookrunners and representatives of the placement banks for the offering. Allen & Company LLC, Banco Santander, BNP Paribas, JP Morgan and Mediobanca are also acting as bookrunners for the offer.
Today one hour from opening the stock on the FCA stock exchange gains 2%, achieving the best increase in the Ftse Mib, a €14,10 per share.
