La Ferrari is one step away from listing in Stock Exchange in the United States. The company of Prancing Horse, in fact, has filed the documents with the Sec to start its own IPO, which will lead to the landing on the Nyse. This was announced by the parent company FCA, through an official statement released at the end of the morning.
The "Registration Statement Form F-1", i.e. the registration document, was filed through another FCA subsidiary: New Business Netherlands NV, which will later take on the name of Ferrari NV. As for the details of the transaction, the price and the number of shares that will be sold on the market have not yet been defined, even if FCA assures that they will not be more than 10% of total capital.
A limited share, which could, in the company's intentions, trigger a race among investors to try to put in the portfolio a brand that has no equal even in the rich panorama of Made in Italy. The overall evaluation of the Maranello house should start from 10 billion euros upwards.
At the end of the IPO, FCA will no longer have Ferrari shares, which will instead be transferred pro rata to the shareholders of the Italian-American car manufacturer. Exor, or the holding company of the Agnelli family, will have the 24% of the capital of the Prancing Horse. Another 10% will be owned by Piero Ferrari and the remaining approximately 66% by widespread shareholders. The strengthened voting powers, however, will allow Exor to maintain control of the meeting. Sui timing of the operation FCA has not communicated anything and much will depend on how much time the SEC wants to take to evaluate the documents relating to the application for entry to the NYSE.
At the beginning of June, the CEO of FCA himself, Sergio Marchionne had explained that "technically, to place 10% of Ferrari we would have to wait until 12 October, one year after the Fiat-Chrysler merger" to then specify that this "does not mean that the operation cannot be done earlier, but for the closing it is necessary wait for that date".
Ferrari's corporate structure, as Marchionne explained again during the presentation of the new 500, will be entirely similar to that of the automotive group born from the merger with Chrysler: the registered office will be in the Netherlands, the corporate headquarters in the United Kingdom and the main market the US one is listed.
As for taxes, Marchionne had wanted to untie an important issue, specifying that "Ferrari will remain Italian and will continue to pay taxes in Italy, like the FCA". The tax residence of the company will therefore remain in Italy.
As well as perhaps a second listing on the stock exchange. “In relation to the separation from FCA we will be able to request admission to listing of our ordinary shares on the electronic stock market managed by the Italian Stock Exchange“: this is how Ferrari announces it in the prospectus for listing in New York. "Each listing on the MTA - specifies the Cavallino company - would take place on the occasion of or after the completion of the separation from FCA".
