Ferrari Picks UBS For IPO

Owners of the Italian super car Ferrari across Asia will soon be able to own a stake in the firm. According to media reports overnight Ferrari SpA, the super car and part of the stable of Fiat Chrysler Automobiles has chosen UBS Group AG to manage its initial public offering in New York later this year.

JPMorgan Chase & Co. and Goldman Sachs Group Inc. are also due to play a role in selling up to 10 percent of Ferrari’s shares to investors, said the people, who asked not to be named before an official announcement. Fiat and Ferrari declined to comment, as did representatives for UBS, JPMorgan and Goldman Sachs.

Debt-laden Fiat Chrysler is spinning off Ferrari to help fund a 48 billion-euro ($52.5 billion) investment program that focuses on expanding other brands in its portfolio including, Jeep, Alfa Romeo and Maserati brands globally. Chief Executive Officer Sergio Marchionne is expecting a market valuation of circa 10 billion euros for Ferrari, which is equivalent to about 60 percent of the parent company’s market value.

In addition to the IPO, Fiat Chrysler plans to distribute its remaining 80 percent stake in the supercar maker to its own investors, with Ferrari being an independent entity from the beginning of 2016. Piero Ferrari, the son of founder Enzo Ferrari, owns the remaining 10 percent.

Ferrari, whose logo features the colors of the Italian flag, plans to list on the New York Stock Exchange and will be organized as a Dutch holding company with its fiscal residence being the United Kingdom this would mirror the multi-national structure used by Fiat Chrysler. Marchionne said Ferrari’s auto operations will continue to be based at its traditional home in Maranello in northern Italy and pay taxes there.





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