Ferrari Chief Luca di Montezemolo Rules Out IPO

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Ferrari chief Luca Cordero di Montezemolo

Ferrari chief Luca Cordero di Montezemolo

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While investors around the globe are clamoring to buy a piece of Ferrari, those in control of the Italian sports car brand don’t appear willing to budge despite the company being valued at billions of dollars.   

Last April Sergio Marchionne, the boss of Ferrari’s parent company, Fiat, said there were no plans to sell Ferrari as Fiat wasn’t in need of any cash.

Now, almost a year on, Ferrari Chairman Luca di Montezemolo has revealed that there are no plans to offer an initial public offering (IPO) either.

"No, there is nothing on the agenda. And we are not planning anything," Montezemolo told German newspaper Sueddeutsche Zeitung when asked about a possible IPO.

According to Reuters, insider sources have revealed that several investment banks as recently as September had approached Fiat in the hope that it would be willing to list Ferrari on the Hong Kong stock exchange.

Worldwide, Ferrari sold a total of 7,195 cars in 2011, including a record high of 1,958 vehicles in the U.S., and over the next eight years the automaker is expecting consistent sales levels of more than 8,000 units annually. It’s no surprise then that investors want a piece of the action.
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