Ferrari F60 America launch, Beverly Hills, California
Since late last year, we've known parent company Fiat Chrysler Automobiles [NYSE: FCAU] is planning to take Ferrari public on the New York Stock Exchange.
But just like the storied Italian supercars the company is famous for, available shares of the stock will be limited.
Piero Ferrari will his retain the ten-percent personal stake in the company his father Enzo founded, and 80 percent will be distributed among existing FCA shareholders. The remaining ten percent will be open for trading, and CEO Sergio Marchionne is counting on a big debut for Ferrari, recently telling reporters the value of the shares will reach "at least" $11 billion in total.
The news comes at an important juncture for FCA. Though it has so far found no suitors, the company has been openly courting corporate mergers, which isn't often seen as a sign of strength. But its ambitious moves, which include an eight-model lineup from long-struggling Alfa Romeo, have so far met with positive feedback from the market. Its stock is up 33 percent so far this year.
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An exact date for Ferrari's appearance on the exchange hasn't yet been determined, but it should come before the end of the year. Stay tuned for updates.