Ferrari on the stock exchange at $ 53: the Horse is worth 10 billion dollars – Il Sole 24 Ore

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This article was published on Oct. 20, 2015 at 18:10.
The last change is the October 20, 2015 at 23:41.

Ferrari arrives on the Stock Exchange at 52 dollars per share, the highest price range announced in days past (48-52 dollars) thanks to high demand from investors. At this price Fiat Chrysler cashes just less than $ 1 billion (approximately EUR 865 million at current exchange rates) and 100% of Ferrari worth 9.82 billion dollars (8.65 billion euro).

The official selling price was announced in late Chrysler by Fiat, which sold during the initial public offering (IPO) a share of 10% of the capital, including the option of sovracollocamento (the so-called greenshoe ).

The debut on Wall Street, with symbol RACE, is expected Wednesday at 9:30 New York time (15.30 Italian time), when President Sergio Marchionne will ring the bell that marks the traditional start of trading.

The proceeds for Fiat Chrysler is close to what Marchionne had set a target to reduce consolidated debt. Ferrari, of which Fiat Chrysler still controls 80% (with 10% remaining in the hands of Piero Ferrari), will be spun off from Fca in the first quarter of 2016, with the allocation of securities Ferrari to all members Fca. After the spin-off of debts which will load the Horse (with a net transfer of over 2 billion euro) will reduce even more those of Fca. Yesterday a new document filed with the SEC by Ferrari has detailed the features of Notes (actually a promissory note) from 2.8 billion euro that Ferrari has issued Saturday, Oct. 17 in favor of Fiat Chrysler: the title will pay annual interest of 2 % in quarterly installments and expires April 4, 2016.

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