The placing banks of the Ferrari IPO have fully exercised their option to purchase a further 1% of Cavallino Ferrari (1.717.150 ordinary shares) from FCA at the initial public offering price, equal to $52 per share, less placement discounts. Fiat Chrysler communicated it.
Following the exercise of this option, the total offering (10% of Ferrari stock) will amount to 18.892.150 shares and the gross proceeds for FCA will be $982,4 million. The first day of trading for Ferrari shares on the New York Stock Exchange, under the symbol 'Race', was Wednesday 21 October and settlement of the offer will take place on Monday 26 October.
Following completion of the offer, FCA expects to distribute its remaining stake in Ferrari to its shareholders in early 2016.
