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This article was published on Oct. 21, 2015 at 15:28.
The last change is the October 21, 2015 at 17:09.
NEW YORK – debut for Ferrari boom on Wall Street: the actions of the Maranello opened sitting over $ 60, 8 more (+ 15%) compared to the $ 52 offer to the public. After about an hour the title is then arranged around the 57 dollars, with an increase close to 10 percent. The Italian holds so true to the symbol Race, race, it leaves the New York Stock Exchange. Or perhaps more simply reflects a relatively prudent choice by the leadership of the House of Maranello, which set the placement price at most but not beyond the predetermined range, $ 52. The title started rising markedly the bell by Sergio Marchionne joined by John Elkann, Amedeo Felisa, CEO of Ferrari, and Piero Ferrari.
Until the end, last night, it seems that executives have been engaged in discussions with banks sottoscrittici, all of UBS and Bank of America Merrill Lynch, on whether to raise the pricing at $ 53, a figure that would have been legitimized by the strong demand observed during the road shows, over little more than 17 million shares, representing approximately 10% of the company once considered the option to buy 1.7 million more granted to banks.
On the NYSE, on Wall Street, eight cars with the flaming symbol of the Prancing Horse parked on the pavement in their own way explained to the public – and not only to operators and investors – the reasons for the landing: the millionaire LaFerrari, F 12 Berlinetta, California T, 488 GTB. And a historic 250 California auctioned at record levels. Exclusive cars, which should demonstrate a company valuation of about $ 10 billion, like brands of super-luxury and certainly not by car. An assessment that, given the limited scope for growth for the roofs of cars in production and merchandising is not necessary to dilute the appeal, did discuss analysts. But a debate that today, at the time of the debut, remained in the background.
Marchionne has in mind two objectives with the listing of Ferrari: enhance and promote a brand considered unique. And collect fresh resources for the current parent company, Fiat Chrysler Automobiles, and its expansion projects. Fca has a business plan from 48 billion euro to which the transaction will help Ferrari over $ 4 billion, nearly $ 900 million raised through the IPO and a payment of 3.2 billion expected by the complete separation of the marking in in early 2016, with the distribution of the remaining 80% of the securities of Ferrari in his hands to their members. A 10% stake will remain the heirs of Enzo Ferrari.
Ferrari was valued by many analysts initially between five and seven billion, but Marchionne had pointed to over 13 billion relying on ‘ company as Recession proof, recession-proof as well as its image. Surely after a difficult year in 2009 profits and growth we rebounded quickly to pre-crisis levels. Ferrari today represents 12% of the profits of Fca and 3% of sales.
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