Ferrari debuts today at Wall Street with a value of $52 per share, the maximum of the price range announced in recent days ($48-52), following the particularly high demand from investors.
At this price Fiat Chrysler collects around 865 million euros (a sum close to what Marchionne had set as a target to reduce the consolidated debt) e the total value of Ferrari amounts to 9,82 billion dollars (equal to 8,65 billion euros).
The sale price was communicated yesterday evening by Fiat Chrysler, which sold with the IPO approximately 10% of Ferrari's capital, including the greenshoe option. The debut on Wall Street, with the symbol RACE, is scheduled for today at 9.30 am New York time (15.30 pm in Italy). President Sergio Marchionne will ring the traditional bell that marks the start of negotiations.
Ferrari, of which Fiat Chrysler still controls 80% (with the remaining 10% in the hands of Piero Ferrari), will spun off from FCA in the first quarter of 2016, with the assignment of Ferrari securities to all FCA shareholders. After the spin-off, the debts with which Cavallino will be charged (with a net transfer of over 2 billion euros) will make it possible to reduce FCA's even further. At that point the house of Maranello will be controlled by Exor and in 2016 it will also be listed on Business Square.
Yesterday a new document filed with the SEC by Ferrari detailed the characteristics of the Note (actually a bill of exchange)?of 2,8 billion euros which Ferrari issued on Saturday 17 October to the benefit of Fiat Chrysler:?the bond will pay annual interest by 2% in quarterly installments and will expire on 4 April 2016.
