Ferrari IPO launched, stock to be listed on the NYSE under symbol RACE
Fiat Chrysler Cars has formally started Ferrari's original public offering (IPO).
The offering will consist of 17,175,000 typical shares of Ferrari NV, a nearly nine percent position, which will be valued between $48 (EUR42) and $52 (EUR45) a discuss. The shares will probably be recorded on the NYSE below the sign of RACE.
Within the spin-off from FCA, Ferrari will presume $3.1 (EUR2.8) billion of debt. Enzo Ferrari's son, Piero Ferrari, will additionally being getting a rather pleasant pay day as he will obtain a-10% stake in the auto-maker including a $318.5 (EUR280) million money payment.
While some analysts have already been critical of the evaluation, it has not discouraged investors as Bloomberg is reporting first requests for shares has outpaced accessibility by more than 10-to-one. Read Source
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